Recent Engagements

The Part-Time Solution

An engineering staffing firm was questioning whether or not they really needed their full-time CFO — and then their full-time CFO resigned! Michigan CFO Services was engaged to assist the company in getting through an accounting system conversion as well as their fiscal year end activities. We then outlined an improved month end process and provided training for the internal staff members — all on a part-time basis.

Need for Cash Planning

A professional services firm was facing a challenge. The 20-employee company experienced monthly cash flow problems, and was finding it difficult to make payroll as well as meet challenging accounts payable demands.

After setting up a custom cash projection spreadsheet, the company is now better able manage and prioritize cash flow. The company can now effectively plan for vendor payments as well as reserve the necessary funds for payroll and other critical disbursements. They are also receiving useful insight into adjusting pricing and overhead to more competitive levels, which will provide additional cash to accelerate the plan.

Moving to Profitability

A manufacturing company was experiencing substantial losses and inconsistent financial results, and was facing increased pressure from its bank. We quickly discovered that the company’s open job schedule was pulling incorrect cost data and driving inaccurate financial statements. We corrected this, redesigned the financial statements to eliminate unnecessary levels of detail, and assembled a cost reduction plan and 6-month projection package. The company has been profitable every consecutive month now that effective monitoring tools are available.

The Consequences of Poor Controls

A high-volume assembler of automotive components was unsure of the integrity of its financial reports and under pressure from its bank. We discovered that, due to a lack of internal controls, its receivables were substantially overstated and its payables were substantially understated. The company is in an orderly wind-down due to the magnitude of the errors. Notes the company’s President, “If I had known about these issues sooner, I could have done something about them.”