Need:
This large nonprofit serves individuals diagnosed with terminal illnesses who cannot afford prescription drug coverage. Its reach is national. When the CFO resigned, the client’s recruiter contacted Warren Whitney to send in an interim CFO. Rique Flato stepped into the position immediately.
The previous CFO had not kept the organization’s financial statements current and, as a result, the client was a year behind on tax returns, year-end statements, and audits. The board gave Rique a three-week deadline to complete all the previous year’s financials.
Service:
With Rique’s planning, oversight, and guidance, the accounting department was able to complete the work within the deadline. Then Rique designed new accounting procedures that improved efficiency, accuracy, and internal controls.
Once the client hired a replacement, Rique partnered with the incoming CFO to provide a seamless transition, and he continued to assist the client long enough to ensure that the new procedures were fully implemented. As a part of these changes, Rique:
• Streamlined accounts payable and accounts receivable
• Made the client’s banking more efficient
• Reorganized the accounting staff to align responsibilities with skills
Result:
When Rique completed the engagement, the client not only had current financial statements for the first time in two years, but also had a more efficient accounting process. With timely and accurate financial information, the board is now able to make better decisions about the organization’s services and future.
The previously underutilized accounting department was re-energized and given more responsibility.
Data Directions Inc.