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Case Study

PE Firm Implements Formal Close and Reporting Process


The Client, a Private Equity firm with approximately $600M of committed capital, was looking to implement a formal close and reporting process for their primary portfolio company. The portfolio company was in a particular industry group, and the intention was that finance and accounting processes developed would be used as a guide for their other companies within the same industry. Stakeholder requirements included reducing monthly close and reporting time from 30+ days to 6 days, installing controls to ensure the close is conducted in accordance with GAAP, and ensure the reliability of the data presented in the reporting package. In addition, the company needed a full-time Controller who could oversee the accounting process and allow the CFO to spend more time managing issues at the Industry Holding Company level.

Services Provided:

Our Solution

  • Document the close and reporting process
  • Create process documents and checklists
  • Implement excel-based process efficiencies that also reduced processing time for non-close related tasks
  • Modify work assignments to better match staff skill sets and also identified experiential and managerial requirements for the Controller
  • Assist with hiring process to fill Controller opening
  • Train staff and new hire on new processes

The Results

  • Process improvements successfully implemented.
  • Robust reporting package provided to PE firm executives on a timely basis with a consolidation in place for audit purposes.
  • Controller position filled and trained.
  • The company CFO successfully transitioned his time to focus on higher-level issues for all portfolio companies in the relevant industry group.

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