Interim Management

A $75 million private equity-backed software company needed an interim controller to lead day-to-day operations and facilitate the timely issuance of its audited financial statements to remain in compliance with various debt and equity covenants.

Challenge:

  • The company’s controller resigned abruptly leaving the company’s finance function without a leader just prior to year end
  • The company recently consummated a significant acquisition but had yet to integrate it
  • Accounting and finance functions of the new target needed to be integrated, centralized and streamlined
  • Senior management was evaluating an additional acquisition and required assistance with due diligence and negotiations
  • The year-end audit was difficult and the company needed assistance with audit preparedness including numerous technical accounting issues such as purchase accounting, revenue recognition, stock based compensation and capitalized software development

Solution:

  • WilliamsMarston appointed Interim Corporate Controller
  • WM immediately assessed controller function and began implementing internal controls and best practices
  • Transitioned knowledge from departing controller
  • Executed the full integration of the accounting and finance function
  • Centralized the finance team from three locations to one
  • Hired and trained new accounting staff at centralized location
  • Oversaw multiple audits, including financial statement, tax and debt-holder
  • Led the Company’s treasury function

Result:

WilliamsMarston successfully led the controller function for over six months, managing the day-to-day operations, including overseeing the year end close and external audits. Streamlined the financial reporting function and enhanced the Company’s accounting policies and technical accounting documentation. Upon hiring the new full-time controller, WilliamsMarston efficiently transitioned the role.

Insights & Impact Stories

Interim Management

A $75 million software company needed an interim controller to immediately lead day-to-day operations and integrate a new acquisition’s finance function.

2017-02-07T14:40:18+00:00