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A private-equity-owned real estate tech company had its chief financial officer resign abruptly which exacerbated an overall lack of leadership in the financial department.
The multi-million-dollar enterprise provides a SaaS-based platform with accounting, site security, data storage and chat solutions for property and community managers, condominium and residential associations, builders and security companies.
The client needed experienced guidance from an interim CFO through its annual audit period and a response team to manage critical finance and accounting initiatives that were in progress.
Because the client was already seeing measurable results with an unrelated operations initiative driven by Larx, the company engaged Larx to provide interim CFO leadership and provide actionable guidance on time sensitive financial initiatives.
Along with providing the much needed senior leadership for the finance department Larx managed the hiring and onboarding of a new CFO.
As part of the engagement, the Larx team implemented new policies and processes in line with new ASC 606 revenue recognition standards required for the upcoming audit. Larx also provided the company with new financial models that cleaned up the enterprise’s existing revenue recognition method which was generating inaccurate revenue figures.
Larx also supported the company’s efforts to complete an enterprise resource planning (ERP) system implementation and assisted with forbearance negotiations with its lender.
Larx Advisors helped the client through a critical time by providing experienced interim leadership, leading the company’s ASC 606 compliance transition and helping implement and optimize a new ERP system.
The new CFO appreciated Larx’s help as he acclimated to the organization and its needs and extended the engagement through the transition process.
ASC 606 preparations for new revenue recognition standards were completed in time for the upcoming audit, and the new financial models provided better contract accounting and helped reduce customer churn.
Larx also worked closely with the client to manage the enterprise resource planning system implementation on time and under budget.
See how Larx helped this client with a performance improvement to improve its processes, customer service and NPS scores.
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