Case Studies - Fractional CFO

Retail Chain Falls Behind on Accounting Processes

A family owned chain of car-wash and quick oil change facilities was operating without timely financial information.

Challenges:

  • Accounting staff departures and illnesses left remaining staff unable to keep up with daily responsibilities and month-end reporting requirements.
  • Declining morale due to high workloads and inability to catch-up negatively impacted productivity causing increasing delays.
  • Operating without current financial information caused concerns about profitability and complicated internal decision making.

Solution:

  • A Part-time Lauber Business Partner was engaged to provide an additional accounting resource with management ability to lead the effort to reduce the backlog of uncompleted work.
  • The Part-time Lauber Business Partner assisted in recruiting candidates for the open accounting positions and was able to fill the vacancies with highly qualified individuals.
  • The leadership and guidance provided by the Part-time Lauber Business Partner greatly improved the confidence of the accounting team and restored morale.
  • The added management skill on the accounting team was utilized to assist decision makers.

What this Meant to the Company:

  • The accounting department was fully staffed, the work backlog eliminated and bills were paid on time.
  • Management once again was provided timely and accurate financial information.
  • Detailed analysis of individual locations confirmed the volume levels required to break even.
  • Bench-marking against industry norms highlighted areas for cost improvement and assisted in pricing decisions, which in turn improved profitability.
  • New processes were developed that increased accounting department productivity and shortened cycle time.

The value of a Part-time Lauber Business Partner:

  • Extensive domain expertise in senior financial positions brings immediate value.
  • A trusted adviser to owner / CEO on many matters.
  • Looks at business through perspective of maximizing competitiveness and long term enterprise value.
  • Extended tenure with clients helps develop stronger financial and business acumen for client’s leadership team.