ProNexus Finds Client New CFO Fast!
Requirement: Interim Management Services
The client is a small not for profit health facility and is a leader in the field of community-based alternatives to incarceration. Their mission is to promote re-integrative justice and a reduced reliance on incarceration through advocacy, services, and public policy development in pursuit of civil and human rights. The organization currently receives funds from approximately 50 federal, state, and local government grants.
Due to the resignation of the CFO and recognition that the search for a senior level finance professional can be time consuming, the client organization needed someone on an interim basis until the right fit was identified. Once identified, the new hire would need training as well as assistance in evaluating the current accounting software that was in need of an update.
ProNexus Solution (How We Helped):
ProNexus was engaged by the client to provide an interim CFO during the organization’s search for a new CFO. During this time, ProNexus oversaw the staff so that the finance team could continue to provide timely grant invoicing, bill payments and payroll processing. In addition to overseeing the financial staff and process, ProNexus also assisted the organization to close the year-end, prepare for the annual financial audit, complete the next year budget, and assist in responding to audit requests from grantors.
Once a new CFO was hired, ProNexus was engaged again to prepare an updated Financial Policies and Procedures manual, review and make recommendations for updated finance processes, and assist the CFO to evaluate the current accounting software.
In reviewing the financial records and discussions with senior management, ProNexus noted that the current accounting software and general ledger structure was not serving the organization well – particularly in the area of reporting to senior staff and program managers. ProNexus then prepared a list of software requirements and assisted the organization in evaluating possible replacement accounting programs.
ProNexus also prepared an updated financial policies and procedures manual that reflects any current changes. As part of this process, ProNexus reviewed the current finance staff assignments to identify possible internal control weakness. Additionally, ProNexus reviewed the current financial processes to identify any redundancies, inefficiencies and offering cost saving opportunities for the new CFO to pursue.