Responsibilities became clearer
Financial work was placed into a more defined operating cadence rather than being handled through disconnected requests and handoffs.
CONFIDENTIAL CLIENT CASE STUDY
Creating one accountable finance function for a multi-state healthcare professional-services firm
The client’s identity and financial details have been withheld to protect confidentiality. The engagement described is real.
CLIENT PROFILE
The company behind the engagement.
- Industry
- Healthcare-focused professional services
- Operating model
- Multiple service lines with project, retainer, and recurring client engagements
- Workforce
- Distributed professionals, employees, contractors, and specialist partners
- Financial complexity
- Customer billing, vendor and contractor costs, expenses, payroll-related activity, multiple revenue streams, and leadership reporting
- Primary need
- A more structured and accountable finance function
THE CHALLENGE
Financial responsibility had spread out faster than the structure around it.
As the company expanded across services and relationships, its financial responsibilities became increasingly distributed across people, systems, and outside providers.
The books were only one part of the challenge.
Leadership also needed clearer ownership of
- Billing
- Accounts receivable
- Vendor and contractor activity
- Financial close
- Management reporting
- Cash visibility
- Engagement and service-line economics
- Financial questions requiring follow-through
The business had reached the point where bookkeeping alone could not provide the level of operational control leadership required.
THE ENGAGEMENT
One connected operating model across the recurring financial work.
EveryPenny helped establish a more connected financial operating model across the recurring accounting and management responsibilities within the engagement.
The work centered on
- Bookkeeping and account reconciliations
- Customer billing
- Accounts-receivable visibility
- Vendor and contractor workflows
- Month-end financial processes
- Management reporting
- Cash visibility
- Project or service-line financial information
- Financial follow-through for leadership
WHAT THE OPERATING MODEL CHANGED
Structure, ownership, and follow-through in place of handoffs.
Leadership had one point of accountability
Questions and exceptions no longer had to be manually routed between multiple financial providers.
Reporting became more structured
The recurring financial process was organized around information leadership could review and use.
Financial issues could be surfaced earlier
Billing, collections, missing information, and other financial exceptions had a clearer path for identification and follow-through.
The model could support multiple service lines
Financial responsibilities could be organized around the way the company actually operated rather than treated as a single undifferentiated set of transactions.
OUTCOME
The engagement established a recurring financial operating cadence with clearer ownership across bookkeeping, reconciliations, billing, receivables, month-end processes, management reporting, and leadership follow-through. Financial exceptions had a defined path for resolution, and leadership had one accountable point of contact for the finance function.
The client’s identity and financial details have been withheld to protect confidentiality.
Your company may not need another financial provider.
It may need someone to own the complete function.