The client company is a medical equipment manufacturing firm in its early revenue stage. The company produces its products in China and its main market is the USA.
The firm sought outsourced CFO services from Hundred MS. The company closed a couple of successful government contracts in the past and understood that clear, clean, and accurate finances and metrics are pivotal for keeping a competitive edge in winning future tenders. Hence, the mastery of finance measures was key to opening opportunities in the future. Their goal was to set high financial standards early to keep the company’s finance strategies clean, complete, and optimized so they could continually maintain an athletic position to be able to take advantage of opportunities as they came.
The company’s books required significant clean-up. A great number of transactions demanded corrections and adjustments. Inventory levels were misrepresented and required validation. Financial statements were incomplete, and the company couldn’t share the financials with auditors whilst nearing the filing of the annual return.
Hundred MS provided comprehensive CFO services as well as bookkeeping and controller services. These services included:
- Set up QuickBooks for manufacturing with a proper chart of accounts and detailed Bills of Materials for resource tracking and materials planning
- Implemented proper inventory control procedures and materials handling practices to better safeguard and track inventory from manufacturing to distribution
- Corrected the erroneous accounting records and tied them with source documents
- Prepared financial statements in accordance with GAAP
- Obtained and provides timely audit documentation to the auditors
- Set up monthly reporting and MIS
The company was able to close its books on a monthly basis and could generate timely and accurate financial statements. Inventory levels were corrected, and the ERP was set for proper inventory management. Full audited support was extended, and the audit progressed without loss of momentum.
Controlling leadership | GAAP financial reporting | Monthly close | ERP implementation | Inventory management | Audit Support | Reconciliation