Issue
As the organization’s operations evolved, its long-tenured CFO and accounting team struggled to keep pace with new demands. Implementing new accounting standards became increasingly difficult, and outdated technology and manual processes further slowed reporting and compliance efforts. The organization’s annual audit underscored deficiencies in both the accounting function and technology infrastructure. To bridge these gaps, it was recommended for the organization to outsource its accounting and HR functions to enhance reporting timeliness and accuracy and standardize policies.
Solution
CBIZ developed a comprehensive, two-pronged transition plan that involved transferring knowledge from the CFO while implementing processes and procedures to maintain day-to-day accounting and HR functions.
Working closely with management, CBIZ revised the chart of accounts and upgraded both the accounting and payroll systems. An enhanced month-end closing process was implemented, involving the preparation of “audit-ready” supporting workpapers. HR specialists also reviewed and standardized the organization’s policies, improving consistency across all functions.
Outcome
The engagement resulted in increased efficiency in processing financial transactions and timely reconciliation of all key general ledger accounts. Accurate, timely financial reports were consistently delivered, and the organization benefited from an upgraded accounting system and streamlined chart of accounts. Payroll processing transitioned from manual to online, reducing errors and saving staff time. The organization also achieved a clean audit report, with auditors noting the improved processes and smoother audit experience.
Additionally, communication regarding employee benefits improved, and the company saved money by implementing the recommended benefits and insurance changes. Overall, the organization is now better positioned for future growth with stronger financial stewardship and operational excellence.
| Company Information | |
|---|---|
| Industry | Not-for-Profit |
| Entity Type | Labor Union |
| Ownership Structure | Not-For-Profit |
| Geographic Footprint | National |
| Annual Revenue | ~$34M |
| Number of Employees | 50-200 |
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“CBIZ” is the brand name under which CBIZ CPAs P.C. and CBIZ, Inc. and its subsidiaries, including CBIZ Advisors, LLC, provide professional services. CBIZ CPAs P.C. and CBIZ, Inc. (and its subsidiaries) practice as an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations, and professional standards. CBIZ CPAs P.C. is a licensed independent CPA firm that provides attest services to its clients. CBIZ, Inc. and its subsidiary entities provide tax, advisory, and consulting services to their clients. CBIZ, Inc. and its subsidiary entities are not licensed CPA firms and, therefore, cannot provide attest services.
