Client: Investment management company

Client's Goals: Streamline financial reporting processes, manage accounts payable efficiently, and reduce operational burdens on the accounting team.

Our Team's Role: Delivered outsourced CFO and controller services with senior staff accountants experienced in investment management operations.

An existing Citrin Cooperman tax client was undergoing a company restructure, which resulted in the elimination of a significant portion of their accounting department. This left the client unable to manage the financial activities required for its multiple entities, causing delays in monthly reporting and operational inefficiencies. Citrin Cooperman’s BPO team was engaged to address these challenges by providing outsourced CFO and Controller services, streamlining monthly accounting processes, managing accounts payable, and ensuring timely and accurate financial reporting.

Challenges

• The accounting team was short-staffed, unable to record all transactions, and experienced delays in completing month-end reporting.
• Accounts payable and employee expenses were not processed promptly, disrupting financial workflows.
• The company’s restructuring compounded the accounting department’s workload, creating inefficiencies.

Citrin Cooperman's Approach

• Designed a detailed plan and established a timeline for recording transactions and completing financial reporting on schedule.
• Introduced a standardized month-end close and financial reporting package, ensuring timely and accurate reporting.
• Identified additional areas for support, such as accounts payable and ad hoc requests, and implemented streamlined processes.

Results

• Freed up the accounting team to focus on long-term strategic goals by reducing their workload on transactional activities.
• Enabled the team to prioritize audits and restructuring efforts without compromising financial reporting accuracy.
• Continued to assist the client beyond the initial engagement, taking on expanded responsibilities to manage ad hoc assignments and optimize processes further.