Client Gives the Gift of Time Through Loan Staff Services
Requirement: Interim Management Services
The client’s financial reporting team (responsible for the preparation of the Call Report and SEC reporting) had been running lean all year and had recently experienced additional turnover. With year-end approaching, all staff had been working overtime, including Saturdays, due to their increased workloads. Additionally, the client’s Accounting Policy and Projects Team was in need of additional support for their Chart of Accounts project, as the current account descriptions were not as robust as they could have been and were in need of reformatting. The client was also in need of support in preparing for their year-end audit.
ProNexus Solution (How We Helped):
ProNexus was engaged by the client to provide Staff Augmentation Year-End Services. ProNexus assigned four consultants to act as utility players within the organization and assist where needed. ProNexus was responsible for interfacing with other departments within the organization to update their chart of account descriptions under the direction of the senior management team. ProNexus also supported the finance team with footnote preparation, reoccurring monthly accounting functions – which included loan and fair value footnotes, stock compensation accounting, and low-income equity investment accounting.
We were able to complete a number of Year-End Close projects that were time sensitive, as the client was an accelerated filer and working with a shorter deadline. Upon the client’s hiring of additional staff to support the team, ProNexus was able to provide knowledge transfer and transition the new hires in accordingly.