Issue: Lack of financial oversight and poor reporting
MyCFOPartners brought accountability to the accounting function, revitalized financial reporting, provided clarity to billable utilization, and helped management eliminate waste
Results: 10% savings to the bottom line over a two-year period
Issue: Slow collections and lagging cash flow
MyCFOPartners introduced consistent invoicing and collections processes, thereby reducing the overall cash conversion cycle.
Results: 50% reduction in AR over 30 days past-due
Issue: Poor accounting practices and error-filled financials
MyCFOPartners flushed out irregularities and errors, corrected prior-period financials, and instituted proper accounting processes for replicable success.
Results: Restatement of income by positive additions of over $350,000 and reduced monthly close by over two weeks.