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Ameriseal of Ohio
Case Study

Industry

Construction

Website

Company Size

30+ Employees

Client interview with James Peters

This has worked out as well as you can ever expect anything to work out. I’m very pleased. 

James Peters | CEO
Ameriseal of Ohio

The Challenge

Due to the death of a co-partner, the client was now responsible for all areas of the business and recognized that he needed a greater understanding of cashflow and key performance indicators. The accounting and cash management systems were antiquated, inadequate and tribal. 

The business included a manufacturing component, and a seasonal application and installation project component, and due to requirements of selling to FAA funded projects required an annual audit. Books were not closed in a timely manner making it challenging to prepare job costs and provide information required for the audit. 

With rapid growth it was unclear if the existing line-of-credit would support the highly seasonal installation projects. 

The Solution

Initially, FocusCFO was on-site one day per week and conducted the following:

  1. Analyzed, confirmed and revised actual costs of product and installation.
  2. Completely revamped the estimating and quoting system.
  3. Developed a reliable project accounting and costing system so that the Client knew profit as a project proceeded.
  4. Created systems to allow for effective budget vs. actual project management.
  5. Created detailed revenue-cost matching model.
  6. Found, facilitated hiring of and guided work of P/T accounting resource.
  7. Systematized repeatable business processes.

The Outcome

With greater command of financials, the client was able to provide information to bank to justify a 100% increase in line of credit.

With improved cash management models, the company navigated all Covid-19 hurdles and took advantage of PPP 1 and 2 loans, and Employee Retention Tax Credit.

Books were closed in a timely manner, allowing CPA firm to conduct annual audits.
Improved project management systems provided for project-level tracking of costs and profitability.

With these increased business processes in place, FocusCFO was able to reduce on-site CFO needs by 50%.

Most importantly, owner and employees are able to have improved work/life balance.

By the Numbers

  • Increased line-of-credit by 100% 
  • Monthly closing time decreased from 6 weeks to 8 days 
  • Project costing now on demand 
  • Project vs Budget available within 2 weeks of project completion 

Founded in 2001, FocusCFO is a leading fractional CFO services provider, with over 120 CFOs and Area Presidents throughout the Midwest and South. 

FocusCFO® works closely with small to medium sized businesses, helping business owners increase cash flow, reduce business risk, and create a platform for scalable growth. FocusCFO provides CFO Services on a fractional basis, meaning clients get all the advantages of a full-time, highly experienced CFO under terms that are flexible, affordable and within each client’s budget. 

For more information, visit www.focuscfo.com or follow us on LinkedIn.