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Finance Transition in Complex, Hypergrowth Environment

Sikich

Nov 30 2022

2 min read

CLIENT BACKGROUND

Hypergrowth, nimble and technical leader in the development, ownership & operation of solar, natural gas, wind, and energy storage projects, with a global footprint.

Overview

The company was reliant on an accounting department run entirely by a Controller with the support of an entry-level staff accountant. This Controller provided only bare minimum reporting on often extremely delayed time schedules and with a notable lack of team collaboration. After a delayed and turbulent audit, our team was brought in after the Controller departed, jumping headfirst into audit season while taking the helm of all accounting/finance operations. This was all transpiring as the company was poised for exponential growth.

COGS tracking and reporting were very difficult to calculate for a variety of factors (system constraints, account setups, complex sales channels, etc.).

Our Approach and Results

The team’s tasks included the following:

Successfully executed a full external financial audit within the first 4 months of engagement, with the audit report issued on time, and over 3 months earlier than the prior year’s audit.
Created financial infrastructure for the finance/accounting operations and worked directly with COO and CEO to ensure the structure of operations aligned smoothly with the rapidly growing business (revenue grew ~60% in the first year of engagement).
Took on a comprehensive finance role including ownership/execution of all day-to-day accounting operations, including monthly financial statement preparation, analysis and formal review with COO and CEO.
Coordinated all ad hoc finance/accounting requests with various project development leads regarding capital costs, cash flow analysis, etc.
Assisted with and led finance portions of due diligence for a potential strategic investor

The experience described in this case study was performed by Accelerated Growth, a company acquired by Sikich LLP on 11.30.2022. Please click here for more information about our Outsourced Accounting Services.

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About the Author

Sikich

Sikich is a global company specializing in technology-enabled professional services. With more than 1,900 employees, Sikich draws on a diverse portfolio of technology solutions to deliver transformative digital strategies and is comprised of one of the largest CPA firms in the United States. From corporations and not-for-profits to state and local governments and federal agencies, Sikich clients utilize a broad spectrum of services* and products to help them improve performance and achieve long-term, strategic goals. *Securities offered through Sikich Corporate Finance LLC, member FINRA/SIPC. Investment advisory services offered through Sikich Financial, an SEC Registered Investment Advisor. 