| Role: | Chief Financial Officer |
| Period (Duration): | 01/2024 to 02/2025 |
| Company: | Austrian SME |
| Industry: | A/V Integrator/medical simulation training |
| Revenue: | EUR 11 M |
| Employees: | 60 |
| Situation at the client: | The managing partner previously responsible for finances wanted to step down from operational activities. Accounting was done by external accountancy. No regular financial reporting. |
| Place of Business: | Vienna, Miami |
Responsibility:
- All financial agendas of the Austrian GmbH and the American Inc.
Mission:
- Ensuring liquidity
- Introduction of integrated financial accounting based on Odoo
- Introduction of a monthly reporting system
- Development and integration of the financial organization of the American subsidiary
- Implementation of annual financial statements
Measures:
- Insourcing of all financial accounting processes and integration into the newly introduced ERP (Odoo)
- Definition of a structured process for month-end closing
- Definition of the interfaces to the other departments
- Replacement of legacy financial accounting and conversion from paper-based to digital invoice workflow
Successes:
- Financing the establishment of the American subsidiary
- Digitization of the invoice workflow
- Project financing for major projects
Special Challenge:
- The introduction of financial accounting had to take place in a rudimentarily implemented ERP, which resulted in numerous time-consuming reworking and data cleansing processes. The new processes resulting from the introduction had to be designed and implemented accordingly.
- As financial information had not been used in the past, a new understanding had to be created.
- The increased transparency provided by the reporting system led to surprises in terms of the company’s profitability. This had to be argued and explained accordingly