Controllership Support, Process Optimization, Audit Readiness and Acquisition Integration
Background
A renewable energy service company executing a roll-up strategy initially engaged Arcus Advisors to produce US GAAP financials and work with the audit firm to complete a year one audit for the platform entity and then perform business combination evaluation and execute the integration of ten newly-acquired entities to accrual-basis accounting, and implement processes and procedures to support accurate, reliable, and timely financial reports.
INDUSTRY
Renewable Energy
OWNERSHIP
Private Equity Backed
DURATION
2 years
ENGAGEMENT
-
Controllership
-
Technical Accounting
-
Process Development
-
Audit Readiness
PROCESSES ASSESSED
-
Lease Accounting
-
Revenue Recognition
-
Order to Cash
-
Procure to Pay
-
Revenue Cycle Management
-
Month-end Close and Accruals
-
Reconciliations & Reporting
-
Equity Accounting
-
Business Combinations
CONCLUSION
Successfully executed multiple years’ consolidated audits, established fit for purpose procedures around financial reporting and month-end Close, and performed, trained, and transitioned all responsibilities to internal staff.
Controllership Support, Process Optimization, Audit Readiness and Acquisition Integration
Background
A renewable energy service company executing a roll-up strategy initially engaged Arcus Advisors to produce US GAAP financials and work with the audit firm to complete a year one audit for the platform entity. They then performed a business combination evaluation, executed the integration of ten newly-acquired entities to accrual-basis accounting, and implemented processes and procedures to support accurate, reliable, and timely financial reports.
INDUSTRY
Renewable Energy
OWNERSHIP
Private Equity Backed
DURATION
2 years
ENGAGEMENT
Controllership
Technical Accounting
Process Development
Audit Readiness
PROCESSES ASSESSED
Lease Accounting
Revenue Recognition
Order to Cash
Procure to Pay
Revenue Cycle Management
Month-end Close and Accruals
Reconciliations & Reporting
Equity Accounting
Business Combinations
CONCLUSION
Successfully executed multiple years’ consolidated audits, established fit-for-purpose procedures around financial reporting and month-end Close, and performed, trained, and transitioned all responsibilities to internal staff.
CURRENT STATE ASSESSMENT
- Roll-up with need for Corporate structure
- Cash-Basis Accounting
- Multiple ERPs, or no ERP
- Incomplete transaction records
- Inefficient or understaffed accounting organizational structure
- Operations-Accounting disconnect
- 1st year GAAP compliance audit
- Fast path to IPO
- Year one audit
- Multiple acquisitions executed in a roll-up strategy
- Insufficient accounting resources
- Change management
- No existing Corporate policies or procedures
- Decentralized structure
