CFO of Roberson Stephens Gets Efficient Finance & Accounting Function From Scratch

David Westbrook, CFO of Robertson Stephens, shares his past experience joining the company under the sponsorship of Long Arc Capital and a brand new management team.

Learn how Robertson Stephens leveraged Consero’s Finance as a Service to reduce time spent on building an F&A function and how Consero provided:

  • A turnkey, fully managed back-office
  • Access to a reliable and skilled finance team
  • Advanced reporting to support digital transformation
  • Support for add-on acquisitions
  • A back-office team to offload transactional roles so David could focus on investment growth
  • Take a look at why Finance as a Service and a fully managed financial solution could be a fit for you

Quotes from David Westbrook:

  • “Consero gives me time to put my attention on the growth thesis. 50% of my time is on M&A which I would not have time to do without Consero’s support. “
  • “The story is simple, Long Arc came to me and said “David, we can hire you and only you. You wouldn’t need to hire a team or find an accounting system, Consero can bring all of that to the table.””
  • “We receive a full suite of services from Consero – from HR, payroll, benefits, interface for AP to general ledger – Consero takes care of everything. I just sit at the top of the pyramid and complete final approvals.”
  • “Consero helps significantly with getting audits done timely and providing the reports auditors need. I can actually go away on winter vacations, which was something I was never able to do previously. I know Consero has things under control with the auditors and I don’t need to worry.”
  • “We have well thought out processes and appropriate segregation of duties, all thanks to Consero. That makes not only the auditors happy but also our investor because they can see that we have the proper controls and have mitigated risk of financial fraud. There is a dual protection from having auditors and Consero review the finances.”
  • “As much as I like QuickBooks for small businesses, I hate QuickBooks from a control perspective. I have audited many firms that use QuickBooks, and it is painful from an audit point of view.”
  • “In regard to SAP implementation, I have never met one that was on time or on budget ever. Consero had us up and running within a week. I wouldn’t have even been able to produce a list of accounting packages to consider in the same amount of time that we went from having nothing, to being fully functional.”
  • “When they brought me on board, I could have focused on all the building blocks needed to get a finance function in place but then I would not have been focused on building the business which is what they needed me to do.”

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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