1 | Insurance Agency / $3.6 Million Sales /
Greater Washington DC Area
Upper management was dissatisfied with their current controller. Patrick Reid was brought in to assess whether the CEO’s suspicions were accurate and a replacement was needed, or if the current situation could be improved with outside consulting.
After a careful evaluation of the bookkeeping and reporting, it was discovered that the accounting was satisfactory, but the generation of meaningful reports from the data was lacking. The CEO was not receiving the necessary information to make critical decisions and the recommendation was made to replace the existing controller. Systems were quickly set up to create the desired reports. In a complete audit of the bookkeeping, overpayments to the State of MD were discovered and the amounts recovered. Through additional research, a superior investment was found for the company’s cash. Objective input was an integral part of finding and securing the new controller.
With the recovered overpayments and the new investment strategy, the agency returned its investment in Patrick Reid several times over in the first year alone. The new controller has proven to be a great job-fit and is a valued member of the management team.
2 | Subscription-Based Company / $ 3.5 Million Sales/ Washington DC
Patrick Reid was engaged when the company found itself without a controller in the middle of an equity raise. Upon initial consultation, it became apparent that the financial documentation was in complete disarray and would take extensive investigation to decipher. In addition, statements for the board were due. Cash had not been reconciled for over 6 months, accounting decisions were being made by unqualified personnel, and an overly complex spreadsheet was in use to track key components of the company’s core business.
Part-time CFO services were provided at approximately 25-hours per week. Patrick Reid’s innovative problem-solving skills were quickly called upon as the first action item was to reconcile over 140 cash items, which were settled with a 95% completion rate. The cumbersome spreadsheet that was in use was deciphered and improved, and specs were developed for a new replacement database. After “cleaning up” their financial house, assistance and guidance was provided for the search for a new CFO.
After 8 1/2 months, the company had a new CFO in place and was poised for growth.
3 | Distributor/ Retailer / $150 Million Sales / Baltimore
This successful enterprise made up of eight businesses in four different entities was in need of an interim CFO immediately. The accounting system was highly manual and the board statements, due immediately, had no trail to the accounting software. Daily processing of transactions could not be interrupted, and with no record of statement preparation methods, a difficult challenge was at hand.
Expertise in decoding and tracking a wide variety of accounting systems was a skill Patrick Reid brought to the table. Not only could sense be made of the “patchwork quilt” accounting system, but the board statements were produced and worksheets were delivered that defined the methods for the future. Assistance was then provided for the successful transition to the new CFO.
Despite the challenges found in this company, no basic functions such as payroll, 401-K contributions, or daily reports were interrupted. With guidance, the new CFO had a smooth transition into the new company..