Consero Press Article

New CFO ‘Starts from Scratch’ in Bid to Quintuple Company’s Size

Jewelry company Betteridge had a dysfunctional finance operation and declining business results, but its owner had his sights on an ambitious goal.

Say you’re the owner of a 120-year-old family business composed of four stand-alone retail stores in different cities. It throws off a nice living, but you want more. In fact, you want your business to become a $500 million company within 10 years.

There’s a little wrinkle to smooth out, though: You’ve had three straight years of declining sales and contracting margins.

That’s the true story of Terry Betteridge and the company that he wholly owns, Betteridge Jewelers. He met with some consultants last year to talk about his ambitions. They told him: The first thing you need to do is hire a real CFO to come in and fix your problems.

So, the owner took the consultants’ advice and last October hired a new CFO, Nick Fischer, who had been director of financial planning and analysis at Nordstrom and previously a financial analyst at Capital One. It’s his first CFO job.

Ten years may seem like a long runway for growing a company, but Fischer judged that the situation called for fast action. To save time and gain efficiencies, he hired Consero Global, a provider of outsourced finance and accounting services, to handle all transactional work and drive the month-end close process. “Those guys are world class,” he says, adding that he learned of the firm from a 2014 CFO article.

With Consero’s Finance as a Service, you gain financial clarity, operational efficiency, and the power to scale, effortlessly.

Consero FaaS: Disrupting the Outdated Traditional F&A Model

  • Cash to GAAP conversion
  • Clean-up work
  • Interim oversight & support
  • Accounting software Implementation

Build it Yourself Solution

  • CFO / Interim CFO
  • Consultants / VARs

Consero FaaS Solution

  • CFO / Interim CFO
  • or Consero Interim CFO
  • Consero Setup/Transformation
Ongoing F&A
  • Monthly financials
  • Daily accounting support
  • Management reporting
  • Integrate add-on acquisitions

Build it Yourself Solution

  • CFO
  • Controllers & Accounting Team
  • Enterprise Accounting Applications

Consero FaaS Solution

  • CFO
  • or Consero Fractional CFO
  • Consero FaaS Enterprise F&A Software and Services

New PE Platform Investment F&A Challenges

Founder Owned Company Accounting:
  • Existing accounting done on a cash/hybrid basis
  • Run on SMB accounting software and other disparate applications
  • Inability to produce auditable financials
  • Lack of know-how to develop projections & KPIs
  • No consistency/structure to customer contracts
  • Underqualified staff
  • Non-scalable manual processes
Carve-Out Accounting:
  • Required to move off parent company accounting applications in a timely fashion
  • Have to build an entire F&A team
  • No documented operational policies and procedures
To Optimized Finance & Accounting:
  • Monthly financials available in 5-10 business days
  • Audit and diligence ready support details
  • Integrated enterprise grade accounting software
  • Budget and forecast reporting
  • Business KPIs
  • Efficient & scalable processes for rolling in add-ons