CFO Systems engaged with a trucking company for over two years filling the roles of CFO and special project manager for several projects. The company was on its 3rd CFO in less than two years and had not been producing financial statements.
The lack of financials was creating difficulties with its banking partnerships, which was compounded because it was interested in pursuing financing for additional vehicles for its fleet and other business operations. In addition, it was looking to improve employee relations and compensation, resolve accounting for the owner-operator escrow accounts, procure and implement a software package for tracking sales, and ensure the right employees were in the right positions.
Through the discovery process, it was also uncovered that in addition to the lack of overall financials, individual departments and the maintenance contribution accounting had not been properly tracked. The company was also experiencing employee retention issues and a need to upgrade many of the operational systems.
Our CFO Systems professionals:
- Fixed all underlying data and created company-wide, individual, and divisional financial statements
- Secured a line of credit for business operations purposes
- Worked with banks to secure the financing for the purchase of 120 trucks
- Implemented a full budgeting process that ensured every department maintained cost accountability
- Researched driver’s savings (escrow) account issues and implemented a process that tracked the accounts and contributed money
- Implemented a process that better tracked fuel consumption and purchases
- Executed a system that tracked sales that included identifying and implementing a software package that fit the company’s needs and enabled it to grow
- Created a driver’s survey that produced actionable items that assured employee retention through fair scheduling, benefits, and a better compensation program
- Trained employees on individual department functions that allowed them to accurately perform their jobs
- Instituted a hiring process that ensured the right employees were in the right position
Today, the company continues to grow and prosper utilizing the processes, systems, and employee training that CFO Systems implemented.