Client: Specialty Pharmacy and Mental Health Agency

Client's Goals: BPO - Outsourced Finance Operations, Decision Support

Our Team's Role: Citrin Cooperman’s team serves as the outsourced CFO/Controller, overseeing the client’s internal accounting staff.

Tools: Sage Intacct, SAP Concur, Oracle Cerner, AvidXchange

The client’s board, CEO, and senior leadership were experiencing issues getting accurate timely financial information due to turnover in the CFO position. The organization was unable to meet the lender’s reporting as required by the debt covenants. Citrin Cooperman was charged with bringing order and leadership to the finance function so they could generate reliable monthly financial reports and get CFO-level insight on how to improve the financial health of the organization and to restore credibility with the board and the lender.

Challenges

• Old ERP system.
• No clear process to month-end close.
• Unavailability of reliable information for management.
• Lack of budget process.
• Late audits with reportable internal control matters.
• Damaged reputation with the board and the lender.

Citrin Cooperman's Approach

• Assigned experienced dedicated senior staff to engagement.
• Evaluated current state processes and technology.
• Assessed existing staff and restructured responsibilities.
• Implemented training programs for client’s staff.
• Implemented ERP, AP automation, and close management systems.

Results

• Re-established board credibility.
• Defined a strong close process.
• Effective reporting process allowed management to curtail its $2M annual loss.
• Reduced finance staff by 30%.
• Timely audits with no reportable internal control matters.
• Improved relationship with the lender.