07.28.16

Process Improvement and Merger Integration for a Marketing Company

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Business Issue

Our Client, a leading global sales and marketing services firm, acquired two companies adding $150M to its top-line revenue, totaling approximately $1B. The Client engaged Riveron to drive the integration of accounting processes from the newly acquired subsidiaries into their corporate headquarters. Additionally, they needed assistance documenting current state processes, identifying gaps, and creating process improvement measures for several key department functions. Lastly, they asked Riveron to analyze the reported balances of cash, A/R, inventory, and market development funds at its international subsidiary.

Riveron Approach

Riveron documented the current state accounting and finance processes at both the subsidiaries and corporate headquarters. Our team identified areas for improvement and created short, medium, and long-term solutions to address those issues and provide a path forward to complete integration. At the international subsidiary, Riveron reviewed prior accounting methodologies and rolled-forward key account balances over multiple years. Our team rationalized the month-end close process by identifying key improvements to shorten the time frame required for these activities. The improvements consisted of Excel-based templates reducing manual data manipulation and increasing automation and efficiency. These templates consolidated multiple invoices to create month-end accruals and uploaded them to the G/L.

Benefit to our Client

Our Client benefited from a 20% reduction to their chart of accounts which reduced transactional data volumes and cycle time for reporting while aligning the subsidiaries’ chart of accounts with corporate. The monthly close process was reduced from 18 to 13 days by implementing processes, procedures and communication strategy for the new monthly close. Lastly, the work done on the Client’s international subsidiary’s financial statements revealed issues which were addressed appropriately and resulted in positive methodology changes for future processes.

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