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A leading foundation repair company in Texas that had been in business for three generations was struggling with outdated and unintegrated finance systems which were negatively impacting the organization.
With more than 300 employees and annual revenue in the tens-of-millions of dollars, the company’s system inefficiencies were causing significant problems in tracking accounts payable and receivable, managing payroll and reporting.
The enterprise needed help to identify its specific needs, develop a plan and execute on a holistic systems override.
While already guiding the client through a successful restructuring, Larx Advisors was engaged to overhaul its finance and accounting systems with a complete general ledger implementation.
Larx began by developing a functional diagram of the current state and desired state of financial operations and the reporting mechanisms from other departments. By facilitating a desired state process mapping, Larx leveraged these conversations and its knowledge and expertise to merge systems and incorporate new technologies that would enable the company to optimize its finance and accounting activities.
In addition to implementing new systems, Larx upgraded and optimized existing platforms such as QuickBooks to meet the evolving needs of the business.
Working closely with the client’s management team, Larx was able to expeditiously deliver a general ledger implementation and accounting and customer relationship system revamp to enhance the company’s accounting and finance operational effectiveness.
In eight weeks Larx completed the entire systems implementation and integration with minimal disruption to the business. Larx conducted group and one-on-one training sessions on QuickBooks, T-Sheets and Expensify to bring staff up to speed on the upgraded systems.
Other successful initiatives included driving the company’s accounting close time down to five days from being in a state of perpetual close, outsourcing payroll processing to a third-party vendor and integrating expense reporting and time-keeping systems.
Larx Advisors is a trusted advisory firm helping private equity funds, family offices, and mid-market companies navigate change.
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