A multi-location healthcare company faced challenges with inefficient finance functions, including manual processes in QuickBooks and Excel, fragmented operational reporting, and a COO doubling as CFO. They partnered with Consero to address these issues and prepare for roll-up acquisitions and a potential exit within 2 to 3 years.
Key Takeaways:
- Consero implemented a cloud-based finance and accounting technology stack within 30 days, delivering real-time financial visibility, automated reconciliations, and timely, audit-ready reporting.
- This solution resulted in a 34% cost savings by the second year, streamlined financial operations, and enabled leadership to focus on strategic growth initiatives.
Client Background
The company needed a more efficient way to manage the finance function, but the existing finance team, led by the COO, lacked the tools to get a consolidated P&L and clinic-level P&L at the click of a button. Management reporting needed significant improvement.
The COO had a dual CFO role, and his goal was to reduce costs and get a more professional set of finance & accounting skills with better management reporting deliverables to prepare for roll-up acquisitions and their potential exit in 2 to 3 years.
Challenges:
- Working in QuickBooks and Excel led to clunky manual processes with 20+ tab worksheets linked together to get consolidated P&L and clinic P&L
- Operational reporting came out of multiple transactional systems, which required manual reconciliation to ensure revenue reporting rolled up correctly
- COO/CFO faced the complexity of being bogged down with how to re-engineer the finance & accounting function
- The back-office finance & accounting function was not operating efficiently
- Did not have a plan to efficiently roll up acquisitions
- Had a business continuity risk with a shortage of skilled finance and accounting staff and an ineffective in-house finance and accounting approach
The Consero Solution: Finance as a Service
Consero’s comprehensive Finance as a Service solution addressed the company’s financial challenges and prepared them for growth and potential exit. In just 30 days, we implemented a pre-integrated, cloud-based finance and accounting technology stack with automated workflows, delivering real-time visibility into financial data. The streamlined transaction processing enabled a 10-day month-end close and ensured accurate, audit-ready reporting.
- 30-day implementation of a pre-integrated and cloud-based finance & accounting technology stack with workflows and automation to deliver real-time visibility into key financial data
- Delivered reliable back-office services: efficient transaction processing, 10-day month-end close with accurate, timely and audit-ready reporting
- Accounting systems expertise to automate and professionalize reporting: consolidated financials and clinic-level P&Ls
- A cost-effective and long-term finance & accounting solution that will scale as the business opens new locations
Results
By consolidating financials and clinic-level P&Ls, Consero delivered a scalable, cost-effective back-office solution tailored to support the company’s expansion and long-term success.
Optimized Systems & Processes
Optimized finance function in 30 days with best of breed financial, accounting, invoicing and expense software.
Increased Capacity
Consero took over all the responsibility under the CFO and Controller roles which gave the COO more time to focus on strategically impactful projects such as roll-ups vs. tactical implementation of technology & processes.
Improved Reporting and Data
Timely, audit-ready financials with automated reporting to reflect consolidated P&L and clinic-level P&Ls enabled leadership to execute on a fast diligence and a smooth exit.
Roll-Up Ready
Consero’s reliable team of finance & accounting professionals provide expertise in supporting multi-location services-based businesses and roll-up acquisitions.
Automated Reconciliation
Established is a three-way reconciliation process between ops system, merchant processor and bank account which resulted in Consero discovering & addressing a $25,000 revenue leakage each month.
34% Cost Savings
Virtual & skilled finance team along with a sophisticated software stack and efficient processes drove a 26% cost savings in year 1 and 34% savings in year 2 (and going forward) compared to building and maintaining an in-house finance & accounting function.
