The Situation

A growing Managed IT Services Provider in the Southeast U.S. required outsourced financial operations with Controller oversight to support their growing firm. With three principals and over 20 staff, the firm parted ways with their in-house accountant and engaged Pinewood to support them. In two years the firm grew revenues by over 50% and is on pace for three record revenue years in a row.

The Execution

• Took charge of QuickBooks Online (QBO) with integrations with ConnectWise, Fathom, and Bill.com

• Established seamless Accounts Payable process with Bill.com automation

• Closed monthly books and produced detailed analytics reports around COGS and gross margins, operating margins

• Created custom management dashboard with key ratios around staff productivity and profitability

• Transitioned day to day financial management to newly hired finance staff while maintaining light Controller oversight and advisory to management

The Results

Pinewood offered Controller and complete finance back office management during the two-year period when outsourcing was economical and practical for the company. As the finance burden grew with the company’s rapid growth, the Client hired a full time finance leader to take over GL management from Pinewood and establish permanent processes and oversight.