As the adage goes, the only thing certain about business is uncertainty. That’s why it’s important for finance and accounting departments to be able to scale quickly and accordingly to the demands, deadlines, and deliverables that the business requires.
In speaking with CEOs and CFOs and from experience, tight deadlines may be driven by regulators or a lender who demand financial reporting. Other times there might be a project deadline that is looming and they simply just need additional people to get the work done.
That’s where Ingenio Solutions comes in. When companies and organizations need high caliber, highly skilled project resources to complete accounting and finance projects and scopes of work, they rely on Ingenio.
Software Implementations: an Ideal Time to Bring in Project Resources
As companies upgrade their infrastructure and undergo software implementations, often times they need consultants to fill key roles on the project team. They can also backfill for employees who are assigned to project teams that are responsible for software implementations. In this scenario, Ingenio consultants keep the day-to-day accounting activity running while the project team performs the implementation. This allows company employees to embrace the new technology more quickly as they work as part of the project team.
Mergers & Acquisitions: Continuity is Crucial
During mergers & acquisition (M&A) transactions companies will often opt to bring on project resources. The fact is that key people leave unexpectedly once the transaction is announced, as they fear their position will be eliminated. According to Ingenio Solutions CEO and Founder, Jean Latu, “We often fill in for a CFO, Controller, Accounting Manager, or FP&A Director. We keep things running smoothly and assist with the post-acquisition integration. We also assist ahead of M&A transactions by performing due diligence and financial analysis.” These situations are ideal for using project resources.
Avoiding and Cleaning up Messes
Preparing account reconciliations as part of the monthly accounting cycle is an indication of a strong internal controls environment. We’ve received many calls from companies that have uncovered a problem that has impacted their earnings or profit. Often times problems stem from not staying current with the preparation of account reconciliations. The company may not have prepared them on a regular basis for months, or even a year. Ingenio Solutions determines the number of resources needed, and then works diligently to catch-up the backlog of reconciliations. Latu states, “as a result of completing the account reconciliations, we determine the impact on earnings or profit. We then prepare adjusting journal entries to properly state the financial statements. If necessary, we restate the financials for prior periods.”
Additionally, Ingenio consultants will recommend and implement new processes to ensure that the mess doesn’t re-occur. ”We train a company’s team on the new processes and present executive management with recommendations on how to ensure ongoing compliance and accountability. Correcting errors and sloppy accounting practices is a common problem that Ingenio Solutions consultants solve every day,” Latu continues.
Ingenio Solutions Will Fill the Gap and Keep You on Track
If you find yourself in one of these situations, don’t worry. Ingenio Solutions can provide you immediate, qualified accounting and finance resources, including CFOs, Controllers, Accounting and Finance Managers. Call (949) 529-2970 and let’s have a conversation. Ingenio Solutions offers a no-charge, in-person consultation.