Our Client's Success
Accounting Operations -
SEG was engaged by an organization that provides software for the development of the world’s infrastructure. After a significant customer relationship management and billing system implementation, the company began to experience significant aging with their accounts receivable. Despite active and on-going management of the receivables, the company realized they needed a cost effective and efficient approach to simultaneously increase cash flow, while also getting to the route of the issues.
SEG delivered a balanced solution for the client, including a team of interim resources focused on collections efforts, and an assessment team focused on identification, cataloging, and mitigating the route cause problems. The interim resource team made more than 5,500 calls in a six week period which resulted in an immediate $7.5 million increase in cash. In addition, the assessment team identified the top 15 recurring issues and created the plans necessary to correct the programming, training, and process problems.
Business Performance -
In early 2003, a large private equity firm completed a roll-up and combination of a newly purchased carve-out and various portfolio entities. With a limited infrastructure in place to support the combination, SEG was initially engaged to develop the new entity’s consolidation and reporting process, drive the preparation of required SEC filings, and manage all aspects of the purchase accounting process while analyzing and resolving numerous technical accounting issues in collaboration with the management team and its external auditors. Subsequent to the combination, SEG provided comprehensive support including transaction processing, general ledger close, consolidation, and financial analysis. Our team of 15 consultants also assisted with information system conversion issues (SAP/R3) and planning activities related to Sarbanes-Oxley Section 404 compliance. Three years later, we are still supporting this multi-billion dollar entity with Hyperion optimization and international integration.
Resource Management –
SEG was engaged by a billion dollar distribution company at a time when the company was experiencing significant turnover in their accounting and finance team. We were asked to fill eight key management roles in the accounting and finance area due to hire turnover. SEG worked closely with the VP of Human Resources and the CFO to identify the critical roles to be filled, the skills sets required, and the appropriate organization structure during the transition.
Upon development of that plan, SEG’s search team began an active and diligent search to fill critical roles. These roles were filled within a three month time period. During the transitional period, SEG’s Risk and Regulations and Accounting Operations teams were called upon to assist with financial reporting, accounting close, property tax filings, and various other key projects. As the new hires joined the company, these teams transitioned their interim responsibilities to the incoming personnel.
Risk & Regulations –
SolomonEdwardsGroup (SEG) was engaged by an international technology company based in Cambridge, United Kingdom. The company completed its IPO and went public in late 2004 and is traded on the NASDAQ exchange. SEG was initially engaged to assist the company with the preparation of SEC filings including its first annual report filed for the year ended Dec. 31, 2004 on Form 10-K and subsequent quarterly reports filed on Form 10-Q during 2005. SEG researched and resolved numerous technical accounting issues on topics ranging from revenue recognition to accounting for variable interest entities under the provisions of FIN 46(R). SEG has assisted with the design and implementation of accounting and financial reporting policies and procedures as part of its efforts to achieve compliance with the provisions of the Sarbanes-Oxley Act (Sections 404, 302, and 906). In servicing this foreign private issuer, SEG has leveraged its international affiliate in the United Kingdom to provide local resources to assist with engagement service requirements.