Financial Services Investment Company Improves Financial Operations by Upgrading Accounting System with SD Mayer
SD Mayer advised Wulff Hansen, an investment banking and securities firm’s, transition to a new CFO while not disturbing the financial flow of the company.
The team at SD Mayer helped to take us from early startup mode, running accounting with Excel and lump-sum journal entries, to proper audit-ready accounting practices. Highly recommended for a bootstrapping startup that needs to up their game. Great team to work with! Friendly, responsive and accurate. Just what you need.
THE CHALLENGE
Wulff Hansen had been operating with an old accounting system, and in July of 2015 the Chief Financial Officer announced he was set to retire after working at the firm for 40 years. Providing the firm with stability and understanding during the transition period was necessary to keep its business going as normal.
HOW SD MAYER HELPED
Wulff Hansen began as an outsourced accounting client and we initially used their old accounting system to minimize disruptions to the financial and organizational flow of the firm. Six months after our work began in August 2015, the financial operation process was streamlined and a new system was implemented. Moving from Microsoft Dynamics to Quickbooks Online improved closing procedures and external reporting was done more efficiently. These improvements reflected a healthier financial state for the company.
Furthermore, two of our SD Mayer Audit and Assurance practice group employees went the extra mile to earn their Financial Industry Regulatory Authority Series 27 certifications to provide consultation on and perform Wulff
Hansen’s external reporting. The FINRA certification was required in order to take on this role, and SD Mayer saw the opportunity to maintain this client relationship by providing an additional service. This certification sealed the deal on our external reporting service, and demonstrated SD Mayer’s commitment to Simply Doing More.
THE RESULTS
During the transition process led by SD Mayer, internal accounting processes were streamlined, providing the leadership team with quicker information sharing that could guide decision making. Due to previous audit work with the firm, SD Mayer was familiar with Wulff Hansen’s operations and could therefore step in to provide external reports with little disruption to the business, which was an original goal of the client. Being a one-stop shop for financial services, SD Mayer takes pride in providing a large range of solutions to clients. While SD Mayer no longer does the audit work for Wulff Hansen, as that would be a conflict of interest if occurring simultaneously with the external reports, the firm remains a loyal client with whom we have a trusted relationship.
DISCLAIMER:
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. The services of an appropriate professional should be sought regarding your individual situation.
