Strategic Planning Engagement
We facilitated strategic planning meetings for a 100-person professional service firm. The client had previously done strategic planning but was not successful in executing the plan due the lack of an implementation plan, follow-up meetings, and failure to make individuals accountable for the various aspects of the plan. We are working with them on an ongoing basis to facilitate the implementation of their strategic plan.
Accounting /Part-Time Controller Engagements
A special-build machine company was referred to us by their bank. The bank had some concerns about the client’s accounting, particularly the accurate statement of work-in-process (WIP) inventory. We spent time with the client to understand their business and procedures. We determined that the WIP inventory was overstated, so we adjusted the WIP inventory and assisted the client in setting procedures to keep their WIP properly stated in the future. We also assisted them with a number of other accounting issues.
An industrial process company was referred to us by their CPA firm. The CPA firm wanted a third party involved because they needed to maintain their independence. We assisted the client in closing their books, which included the main company and related entities. We reviewed internally prepared journal entries and made additional monthly closing entries. We also reviewed intercompany accounts and made all necessary balancing entries.
An automotive process engineering company was referred to us by their CPA firm. We served as interim controller for the company while it was in the process of being sold. Also, after the sale of the company was negotiated, we assisted the client and their CPA firm in closing the transaction based on the terms of the sales agreement.
Ownership Transition/Company Valuation Engagement
We have assisted clients with developing ownership transition plans. As part of these engagements we discuss the use of multiple classes of stock as well as phantom stock. We also discuss factors to consider in developing a stock valuation formula.
Policy/Procedure Engagement
We reviewed the billing process for an engineering services company and made recommendations for shortening the cycle. We set short-term goals to phase in the new policy. We also recommended that the client select and implement new accounting and billing software.
Training Engagement
We conducted management training seminars for a client consisting of a series of short lunch meetings, highlighting a number of basic management and business topics.