Even before the tumult of COVID-19, companies had been moving away from their manual, labor-intensive processes toward new, efficient automated systems. The pandemic only underscored the need for reliable and streamlined systems as teams began working from home and financials dipped in the wrong direction.
While outsourcing and automation are not new concepts, they are trends that are growing more relevant as of late.
When Joe Girardi, CFO of St. Andrew’s Resources for Seniors System in St. Louis, took the reins a year and a half ago, he wasn’t surprised to find a finance department in need of transformation. “Many established not-for-profits have struggled to innovate,” he explains. “We had to get away from manual data entry in multiple systems and slow reporting.”
“We needed to collapse the monthly accounting close, ensure reliability of data, develop a solid treasury function, and employ a more robust risk management process,” Girardi says. St. Andrews engaged with UHY’s Client Accounting Advisory Services to outsource its accounts payable function, modernize its financial statement production, and optimize its cloud-based accounting software.
“Our software implementation was incomplete and lacked full integration with other applications, so we’re re-engineering it with implementation specialists who are helping us utilize the enhanced controls, integrate our systems and maximize our investment,” says Girardi.
The St. Andrews transformation project has been built in three phases, which Girardi expects to be achieved in early 2021. “I’m thrilled to see this through as I will soon be able to professionally elevate and begin providing strategic guidance on the larger business issues.”
MoceanLab is a start up based in Los Angeles to explore, develop, and launch new mobility solutions. They approached UHY with a different type of request. A lean team of five, none possessed deep financial reporting experience. “The operating team here in LA didn’t have the capacity, nor expertise to complete the critical accounting tasks required of us,” says Lynette Favorite, Head of Business Operations. “We started off thinking we needed monthly financial reporting, but quickly realized we also needed more help with taxation and an internal expense tracking solution.”
Favorite and the rest of the MoceanLab team have relied on UHY to not only help them understand their financial position, but also to advise them on their payments processing technology platform. “We learn more everyday on ways we can utilize our technology to understand and manage our financials,” explains Favorite.
The true purpose of UHY’s Client Accounting Advisory Services is simple—to enable their clients for sustainable growth with the right technology, people and processes. For St. Andrews, it was all about transformation of an antiquated system. For MoceanLab, it was all about building the financial infrastructure of the business.
If you’re ready to deploy enhanced technologies, refine processes and focus on the future of your business and its strategic goals, please reach out to: