Meleeo is a staffing company specializing in the healthcare industry. Their main goal was to focus on growing and scaling their business. Meleeo was looking to maximize the value of their company by ensuring that their financial and accounting processes, procedures, and reporting would support a potential sale.
This would require the finance team to improve the accuracy of the financial data and evolve the efficiency and effectiveness of the financial reporting processes. They wanted a team of experienced financial leaders to help get their accounting and finance department in shape.
When CFO Alliance joined the journey, they started to cleaning Meleeo’s financials from prior years to create a solid baseline and improved reporting processes going forward.
During that time, CFO Alliance realized that Meleeo’s current CPA was not providing Meleeo with accurate reporting or valuable financial insights into the business, so they seized the opportunity to become more fully immersed into Meleeo’s financial and accounting data and processes. Taking over the CPA firm’s duties allowed CFO Alliance to significantly improve the level of financial reporting accuracy and insights into the business, while also implementing more efficient and effective processes.
Through this journey, CFO Alliance was to add value into Meleeo’s financials through:
1 – Developing Monthly/Quarterly high-level Financial Reporting Package
2 – Designing and implementing a 13-Week Cash Forecast to assist with cash management
- When COVID hit, it was vital to track Meleeo’s cash, customer profitability, and identify company cost savings.
3 – Developed company Budget Process to prepare Annual Budget
4 – Developed model to calculate Burden Rate to apply to Labor Costs to ensure the company would meet its’ Gross Margin & EBITDA targets
5 – Created Customer Profitability Reporting to target profitable clients and apply profit model to other customers
6 – Automated process for recording payroll using Integration with Payroll Service and Transaction Pro
7 – Assisted Client in developing a process for managing Multi-State Registrations and Payroll Compliance
8 -Efficient Month-End Close Process:
- Improved time-efficiency of the Month-End Close Process.
Those actions drove the following results for Meleeo:
1 – With more accurate and industry specific financial reporting, including supplemental reporting and KPIs to track performance against Budgets and other Benchmarks, Meleeo management now has a clearer understanding of the financial results of the business, enabling more effective decision making.
2 – With a more accurate method of managing their cash, Meleeo management now has financial visibility and understanding of their cash situation to aid in key investment decisions.
3 – By having visibility to the new customized calculations specific to Meleeo’s targeted goals, Meleeo’s leadership team has a higher probability of keeping the company on track to achieve those goals.
4 – The new automated tools have enabled Meleeo to reduce time spent on repetitive tasks. That time can now be spent on higher value activities.
5 – With the improved month-end close process resulting in properly balances books, the process was delivered 6 times fasted than it used to be, from 60 to 10 days, allowing for Meleeo leadership to be forward focused in their decision making.
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