Companies of all industries and sizes periodically need to change their operating models, ownership structure, people, processes, or technologies. MMG helps clients manage these changes. We build efficient finance and back-office infrastructures that make it easier for businesses to operate effectively and generate insights that accelerate growth. Here are some examples of how we’ve helped companies in B2B and professional services, healthcare, consumer products, manufacturing, construction, software, and technology.
Situation: Our client had recently implemented Intacct but set it up to mirror their prior Sage50 system they used for the last 10 years. No efficiencies were realized and in fact the financial close time had increased.
MMG Solutions
Over a period of 9 months, MMG: Results:
Over a period of 9 months, MMG:
- Optimized Sage Intacct for more efficient accounting.
- Trained team to understand why their work was important and to understand double-entry accounting principles.
- Established morning meetings to foster teamwork and communication among remote staff.
- Created accurate subledgers for Accounts Receivable and Accounts Payable and balance sheet account reconciliations.
- Assisted in building and managing annual budgets for various departments.
- Automated credit card processing and employee reimbursements for efficiency.
- Successfully met close policy deadlines.
- Led interim and year-end audits, ensuring compliance and accuracy.
- Documented and improved accounting and finance functions with FlowQast.
- Ensured timely and accurate financial reporting for internal, Private Equity, and lender requirements.
- Implemented processes for ASC606 and ASC842 compliance.
The client was so happy with our consultant’s work, she was nominated for their Circle of Excellence” award, which is typically only given to their employees. The Company was left with a well-functioning finance function.
Situation:A $40MM subsidiary of a public company was sold to PE. Within 12 months of close, two add-ons were acquired.
MMG Solutions
Over a period of 8 months, MMG:
Over a period of 8 months, MMG:
- Oversaw transition of accounting to a new instance of the software and ended the TSA agreement.
- Built more robust financial and dashboard reporting to support business management
- Helped leadership develop a first-year budget
- Built and maintained a 13-week cash flow forecast
- Integrated $12MM and $5MM add-on
- Performed purchase accounting and NWC true-up on both acquisitions
- Supported first year audit efforts, including building account recs, required memos and drafting footnotes
- Transitioned responsibilities to full time CFO
Situation: Our client, a national digital marketing company serving the healthcare industry, acquired 2 businesses within a 3 month period and needed to integrate them into its operations and improve the automated reporting available from Intacct.
Solutions:
- Brought the newly acquired companies into compliance with ASC 606 revenue standard
- Created the purchase accounting entries and opening balance sheet audit support needed to record the transaction.
- Calculated net working capital true-up amount
- Integrated the acquired companies into Intacct, converted historical transactional data from QB and loaded into Intacct, and formatted existing reports in Intacct
- Performed interim controller services for newly acquired entities until the accounting could be migrated into the platform company’s accounting department
- Wrote new GAAP balance sheets, income statements, management-level income statements, and project profitability reports
- Assisted with monthly reporting package and quarterly covenant calculations and compliance certificate
- Improved company’s reporting template by migrating reports into Intacct
- Built billable rates for employees and produced historical cost reports
Results: The two new acquisitions were integrated successfully, and the CFO is now equipped with daily reports to help manage project profitability. Our support helped our client grow from ~$40 million in revenue to over $70 million in revenue and integrate the accounting into one ERP system. Our services started shortly before the first acquisition closed and ended 8 months later.
Situation: Our client, a $500 million security guard service provider, needed to integrate 3 new acquisitions into its business, including migrating the accounting to their ERP system. The acquired company’s accounting department lacked the technical skills and bandwidth to produce financial results on a GAAP compliant basis.
Solutions:
- Within 30 days instituted controls and process to be GAAP compliant
- Within 90 days achieved an efficient 10-day month-end close process
- Developed and delivered weekly and monthly reporting packages
- Provided interim CFO, Controller and accounting manager services at the newly acquired companies
- Oversaw ERP integration process and API development
- Integrated 3000 eligible employees with the parent company’s benefit plans
- Transitioned payroll platforms to the corporate platform
Results: Our client’s revenue increased by 20% from these acquisitions, and after our services were complete, our client had consolidated reporting on a GAAP compliant basis and was able to transition the accounting to their internal team in an efficient manner. The total project lasted approximately 6 months.
Situation: BS was on modified cash basis of accounting and had never been audited. Controller was not experienced with lender debt covenant reporting requirements and had never built an integrated budget model. MMG quickly discovered a $500k BS error impacting opening working capital.
Solutions:
- Converted financials from partial to full accrual accounting
- Upgraded account reconciliation process
- Developed reporting package to meet PE needs
- Built first-year budget and oversaw first year audit and tax returns
- Evaluated add-on acquisitions, including financial due diligence and establishment of finance integration plan
Results: Company grew from $35MM to $60MM+ during the MMG engagement from add-on acquisitions and organic growth.
Situation: Company broke its debt covenants and was unable to accurately forecast its cash or financial performance.
Solutions:
- Performed interim CFO services for 9+ months and
- Developed a 13-week cash flow forecast and rolling forecast model
- Rebuilt flash reporting to improve data insights for an entirely new management team
- Oversaw rebuild of a crumbling IT infrastructure
- Restructured finance department, including hiring and on-boarding a new CFO.
- Continued supporting the business as an outside consultant
Results: Company grew from $55M to $80MM in revenue and company was successfully sold for a gain during MMG’s engagement.
Situation: Functional gaps caused financials to be misreported and AR to be uncollected leading to a cash crisis.
Solutions:
- Restructured and upgraded team
- Built new close process and procedures to better manage accounting moving forward
- Built monthly and YTD bridge of factors impacting Revenue and EBITDA by location- providing better insights into cost containment needs.
Results: Improved close process and accuracy of the financials, and reduced DSO from 87 days to 49 days.
Situation: Faulty ERP implementation hampered the Company’s ability to invoice customers
Solutions:
- Led successful implementation of new NetSuite ERP over 9 months. Transitioned accounting department to a lower cost state.
Solutions:
- 12-month engagement where MMG:
- Successfully placed an interim CFO and VP of Finance, both of which converted to full time roles after 90 days
- Led implementation of Intacct, including helping with system configuration, correcting data hygiene issues and developing automated Intacct reporting
- Assisted with integration of accounting for three add-on acquisitions
Results: New systems allowed for rapid growth under a consolidated and integrated back-office. Company revenue more than tripled during our engagement.
Situation: Functional gaps caused financials to be misreported and AR to be uncollected leading to a cash crisis.
Solutions:
- Developed reporting package and weekly metrics reporting to meet PE needs
- Built first year budget and enhanced bookings analysis to better understand growth drivers
- Assisted management select a new ERP system (Intacct)
- Advised on ERP configuration to optimize data compilation and post-implementation reporting
Results: Company grew from $18MM to $35MM in revenue during engagement.
Situation: Failed system integration, loss of the largest client, and an abrupt departure of the VP of Finance.
Solutions:
- Over a period of 15 months, MMG:
- Moved accounting function from a hybrid of spreadsheets and QuickBooks onto a fully integrated Sage accounting system
- Built more robust financial and dashboard reporting to support business management
- Helped leadership develop a budget and business restructuring plan
- Built and maintained a 13-week cash flow forecast
Situation: Revenue projections were consistently missed
Solutions:
- Recommended interim and long-term steps to improve the firm’s forecasting practices and processes, including building automated reports linked to its operating system
- Assisted management in development and presentation of financial situation and proposed turnaround plan to its Board and lenders
Solutions:
- Built an insightful reporting package, developed KPIs, analyzed backlog, and helped the company prepare for its first audit
- Prepared purchase accounting entries and coached the CFO on lender reporting and covenant compliance requirements
- Assisted with multiple add-on integrations
Solutions:
- MMG engaged as the firm’s part-time CFO for 2 years until a full-time CFO was hired and:
- Created new financial and sales metric reporting
- Developed purchase accounting entries and oversaw first year-audit
- Defined key criteria for and helped select, configure, and implement a new ERP system
- Assisted with multiple add-on integrations
Results: The company’s revenue grew over 50% during engagement, with minimal changes in back-office headcount.
Solutions:
- Over a period of 22 months, MMG consulted with the practice and:
- Built a robust financial reporting package to meet investor requirements
- Managed communications with external investors, lenders and board of directors on financial performance
- Oversaw the integration of two physician practices including conversion of its financial reporting from cash to accrual accounting and migration of accounting to one system.
Results: Company grew from 20 providers servicing 12 locations to over 70 providers in 4 states servicing 35 locations during tenure.
Solutions:
- Over a period of 3 months, MMG:
- Upgraded financial reporting to meet Board of Director and investor requirements
- Created rolling 6-month cash flow forecast that accurately predicted cash requirements
- Built integrated five-year forecast model that included balance sheet, P&L, and cash flow forecast
- Created a customized CFO manual and policies and procedures to ease on- boarding of a permanent CFO
Solutions:
- Identified key growth drivers and built analytical support to highlight revenue trends and demand drivers by region and end market
- Built waterfall analysis to identify factors impacting gross profit over prior three years and to support future growth opportunities for the Company’s next owner
