Best Practice Consulting, Inc.
DEVELOPING INNOVATIVE STRATEGIES
Here at Best Practice Consulting we specialize in enhancing the performance of your business. Our primary service offerings fall into 3 categories: Business Transformation/Turnaround, Finance Transformation and ERP Implementation. We offer a combination of creative solutions, tailored for your business, with the practical experience of “been there, done that” to ensure that the vision becomes reality.
As your business grows and matures, there are a number of milestones which demand adaptation – the change in focus from Sales Growth to Profitability/Profit Growth, change from Development to Market Penetration/Expansion, changes to the marketplace and surrounding technologies, acquisitions and just plain having outgrown the way you’ve been doing things.
We work with your management team to assess your current position, develop a strategy for where you want to go and how to get there. We evaluate your current structure against those objectives and what changes are necessary to successfully achieve those objectives.
- Should your market focus be based on your product lines, geography, the markets your customers are in?
- What size and characteristics should your sales force have?
- What types of compensation plans for Sales and Management teams will be drive the achievement of your goals?
- Where should your investment in Human Resources be? Are you currently staffed at the right levels in the right places to take you to next level and beyond?
- Is an acquisition or merger the right move for you at this time? If so, what are the characteristics you should target?
- If you have acquired another company, how do you integrate it into your existing business to make the most of the synergies and avoid functional duplications?
- How can your company benefit from a Shared Services architecture?
- Do you have the right technology to support your growth objectives?
- Will you require external funding? If so, what kind – bank loans, additional investors, public offering?
The most important tool for sound decision-making is information; the best source is your financial reporting and analysis. If you don’t have comprehensive and accurate reporting and analysis, we can help. Our services include data hygiene (review and correction of current and prior accounting and analysis), process improvement, Interim CFO and Controller services, staffing upgrades and system upgrades.
We will review all of your processes and procedures to ensure maximum efficiency, accuracy, timeliness and compliance with GAAP – as well as providing full implementation services to bring your Finance function to a world-class level of performance.
Your business runs on your ERP system. In evaluating and deploying any ERP upgrades it is necessary to review all of your processes and controls, determine what you want those to be and then set up your new system to support those target processes and controls. That is where all of the value of your investment comes from. Implementation of a new ERP is not an IT exercise, it is a business exercise. Your business is unique – best practice for another company is not necessarily the best practice for you.
We work with your entire business to ensure that your new ERP is architected to support the way you want to be able to do business - both now and in the future - and then manage the implementation of that vision.
We have managed numerous ERP implementations, with particular emphasis on NetSuite and SalesForce (for CRM). We have the business and technical resources to ensure that you are optimizing the value of your ERP investment.
Business Transformation, Acquisition Integration, Finance Transformation, NetSuite Implementation
$250M PE-backed Health Care Company
The private equity firm, Comvest Partners, acquired a privately-held Health Care Provider with 24 locations in Florida (primarily the Miami area) caring for over 60,000 lives via “At-Risk” and “Not-At-Risk” Medicare, Medicaid and Exchange capitated contracts with insurance companies. Comvest brought us in to provide Finance leadership (Interim CFO, Interim Controller), lead a NetSuite implementation to replace Quickbooks, transform all business processes across the organization and rebuild the corporate culture.
We migrated the client from cash-basis accounting to US GAAP accounting (including restating prior periods), replaced “handshakes” with contracts, undertook an exhaustive forensic and process analysis resulting in a “sea change” in the way they do business and in their controls, regulatory compliance and governance. We shaped the NetSuite architecture to support the new processes and to interface with other new systems (Practice Management, CRM, etc.). Provided monthly Board reporting and analytics, which enabled the new management team to shape the future direction of the business.
Business Transformation/Turnaround, Acquisition Integration, Finance Transformation
$30M PE-backed Technology Company
Client had recently acquired a new subsidiary which had not yet been integrated. Auditors were unable to issue an opinion due to the state of the books of that subsidiary. We were originally brought in to “unwind” the books and prepare schedules for the audit.
It soon become apparent that the Company’s systems were producing financials which vastly overstated profitability – leading to poor decisions. The company was, in fact, very close to having to close its doors. In addition, the growth of cloud technology was making the business model of supporting IT and Telephony infrastructures trend towards obsolescence.
We undertook an exhaustive effort to manually review all transactions and spending. We created the monthly reporting from Excel worksheets which dug deep with analytical detail which enabled us to revisit contracts, staffing levels, cash management, operational procedures and controls. Inside 3 months – largely due to a decisive management team eager to work from accurate information – we were able to make this failing business begin generating 6-figures of free cash flow per month. We were further able to restructure compensation programs, adjust accounting policies and procedures, re-negotiate or jettison loss-making customer contracts, re-imagine the structure, staffing and product offerings to overcome a changing business environment and leverage synergies with the parent company to reposition the company in the marketplace and set the stage for ongoing prosperity before returning the reins to the management team.
Finance Transformation, ERP Implementation (Netsuite)
$80M PE-backed Ad Tech Company
Managed a Netsuite implementation (from Quickbooks) which included a complex integration with the Salesforce CRM and significant “data hygiene” effort, as well as substantial changes of accounting policies and procedures. Mapped out target processes/data-flows, worked with technical teams to execute the technology requirements, managed the data migration (from inception to present), worked with other partners to identify and correct misstatements in accounting records, overhaul the Finance staff (including replacement of the CFO).
Finance Transformation, ERP Implementation (Netsuite)
$200M Publicly Traded Multi-National Technology Company
We were originally engaged to provide Interim Global Controller services to perform the year-end close and produce the 10K reporting, following a new Netsuite implementation. In a matter of days we determined that the new Netsuite system was unable to produce financials that tied to prior period reporting and, for many reasons was unusable as implemented. We were tasked with fixing a live system currently in production for 48 legal entities in 23 countries and then performing the year-end close.
Leading a global team of 20 people – all working in excess of 100 hours/week – we completely rebuilt the Chart of Accounts (which originally had included nearly 4,000 accounts in 9 languages), then mapped and re-migrated the historical and live general ledgers from the legacy systems, tested the results against historical reporting and then began closing the books. We also established the framework for a Regional Shared Services structure.
During this project, the Board of Directors and executive leadership were changed. We worked with the new leadership on messaging the re-statements of prior period financials, thereby ensuring the survival of the company.
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