An India-based global IT Services & Solutions Company, part of a diversified business conglomerate, required an interim CFO to fill a sudden gap in their organization.
X-PM’s client faced attrition in the finance function, including the unexpected departure of its CFO.
The organization was also grappling with challenges of COVID-19, and needed to stabilize its financial and IT systems after a recent M&A deal.
The Client called X-PM to ensure the following:
1. Error-free closure and audit of financials, communication of results to investors and compliance with governance rules applicable to publically listed companies.
2. Integration of IT systems across the company.
3. Automation of financial processes.
4. Management of costs, working capital and cash in a new business environment.
X-PM quickly deployed a highly experienced interim CFO to build relationships with the existing team and stakeholders and to focus on the following tasks:
1. Create deadlines, responsibility matrices and review mechanisms.
2. Re-engineer key processes related to management of costs, working capital and cash.
3. Strengthen investor communication and relationships, and introduce a global compliance tool.
4. Reorganize the Finance function to ensure optimal positioning of team members and ensure a clear understanding of roles and responsibilities.
X-PM’s interim CFO enabled the Client to achieve the following during this 9-month mission:
1. Timely and error-free compilation and audit/review of the financials for the financial year and subsequent quarters.
2. Successful and timely integration of internal finance and IT systems.
3. Initiation of an internal Business Process Transformation initiative across 9 different tracks, with clearly identified timelines, responsibilities, costs and deliverables.
4. Double digit growth in EBIDTA despite pressure on revenues.
5. Reduction of Days Sales Outstanding by 19% to 58, the best in the industry.
6. Improvement in bank balance.