Employee Turnover and Acquisition Support for Manufacturing Company

The Challenge: 

This manufacturer of commercial and residential furniture and accessories was acquired in 2021. Several critical members of the Corporate Accounting and Finance team, including the Director of Accounting, Manager of Technical Accounting, and Supervisor of Accounting, left the organization as part of this transaction. Their departures created significant gaps in near-term accounting activities including quarter-end closing and reconciliations, as well as retention of knowledge.

The Solution: 

Eliassen Group provided the accounting experts to assume those roles and to complete the daily tasks of the Corporate Accounting function, which included lease accounting, audit support, month-end close, among other responsibilities.

While the apparent need was for interim support, our consultants went beyond completing the required activities, and also:

• Created efficiencies within various month-end close processes
• Fortified the client Corporate Accounting Team through pre- and post-acquisitions
• Documented processes for knowledge loss discovery and preservation
• Reconciled, remediated and created accounts where needed

Our team enabled our client to keep up with its accounting requirements, continue its integration efforts without disruption, and evaluate the organizational structure for the long-term while building in process efficiencies within the combined organizations.