Success Stories

dont-know-300x300-1Making A Real Difference Where It Counts And When It Counts

Despite excellent food and good revenues in this chain of restaurants, the cash flow was a serious problem

Despite having a successful chain of restaurants, the President kept scratching her head: Where was all the money going? Her in-house accounting people couldn’t spot the trouble so the President made the right call and brought in teamCFO.

With experienced eyes, we uncovered a laundry list of ongoing problems, including employee theft that had gone undetected. By helping the owner understand financials of her business, we began to address the problem. To solve the problem, we put in place a daily sales register so she could view the stores’ performance and spot problems in real time.

In just three months, the business stopped drawing on its credit line. And this chain of restaurants soon enjoyed their first profits in years, almost as much as their customers enjoyed that food.

At a private investigation firm, we found trouble stirring

Busy with one investigation after another, why was the cash flow of this private investigation firm so bad? In fact, the principal hadn’t drawn a salary in months because the money was so tight. Like a financial detective, teamCFO went to work to solve the mystery.

By analyzing profitability, we found that the highest volume clients were actually the least profitable. What really needed to be done was to close up the lag between service and collections. In order to cover the gap, teamCFO negotiated a line of credit the business had never been able to get before. In conjunction with other basic fixes, teamCFO helped turned the business around.

In less than a year, the business was turning a profit and had expanded from 12 to 50 employees.

After 25 years in business, a professional services business needed to start over with a more professional accounting team

Everything seemed to be working for this niche professional services firm for the past quarter century. As the business grew, the accounting personnel who had been with the firm since the beginning slowly became outdated. They eventually were unable to produce timely financial data, manage cash flow and generate billing to meet the needs of the new bigger business model.

Needing help, teamCFO was brought in to assess the situation and then recruit some new professionals into the department. We worked with existing personnel to evaluate the operations and streamline processes, determining the right staffing mix. We executed a special combination of recruiting new qualified accountants while improving the existing personnel’s skills and performance.

For the first time in years, the business’s accounting department  is responsible and reliable as teamCFO continues to oversee strategic operations.

This nonprofit needed to help itself before helping others

The simple truth was that the accounting department of this mid-sized nonprofit was staffed with unqualified people. They simply were not up to the task of managing the complicated financials with multiple government grants and programs. In order to help others, this nonprofit first needed to help itself.

When teamCFO was brought onboard, the nonprofit had had significant personnel turnover in all its accounting positions. Losses were experienced while drawing on reserves. The organization was simply growing too fast as it was successful in obtaining grants and expanding programs. In fact, the Board of Directors was concerned about the long term viability of the organization.

Some jobs are tougher and more complex than others. The bigger the mess, the longer it takes to clean up. It look two years for teamCFO to turn the nonprofit around and get it back on track. Today, it is going strong and doing good work. What is even more impressive is that the accounting department is the driving force behind ongoing improvement throughout the organization.

By improving the overall condition of the ship, teamCFO helped foster a discipline that has led to smooth sailing ever since their first profit in years.

Accountant Advocate Award, SBA – May 2002
Presented to teamCFO by the L.A. Chamber of Commerce & the US Small Business Administration