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Capitalizing growth through strategic financial reporting for an investment firm
A leading healthcare investment firm faced significant data management challenges during a period of rapid market consolidation. Our primary objective was to establish comprehensive management and shareholder reporting systems, supporting the CFO in financial preparations.
Challenge
The firm's ambitious growth strategy led to the acquisition of numerous entities, each with its own financial data complexities. Compounded by poor legacy data from a previous accounting system and the necessity to comply with banking covenants due to high leverage, the challenges were considerable.
The team was an asset as of day one, bringing a lot of knowledge and eagerness to the job
Approach
We initiated a two-stage solution: In the proof-of-concept stage, we manually mapped all accounts in collaboration with the company’s finance team to create accurate financial statements. Having validated this approach, we progressed to the automation stage. We developed an Excel model integrated with the ERP system, automating the generation of income statements, balance sheets, and cash flow statements from exported data.
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Impact
Our work significantly eased the CFO's monthly reporting workload and facilitated informed strategic decision-making. The enhanced reporting system prompted a cost-saving plan in response to declining monthly profitability.
Improved data management unveiled issues with inventory and supplier relationships, enabling the initiation of strategic savings plan to meet budgeted figures.
Furthermore, our work facilitated an accurate budget exercise, empowering the client and CFO to make sound decisions regarding budget allocations and potential investments.
In conclusion, BrightWolves provided crucial support during a complex growth phase, enabling the firm to navigate challenges successfully and make strategic decisions with a significant positive impact.
