Background: Due to rapid growth, this publicly-traded healthcare services company needed to identify more streamlined business processes for its Accounts Payable function in order to gain efficiencies to be scaleable in support of future growth, and to enhance its internal control environment.
In addition, the Accounts Payable department was experiencing very high-turnover, and did not have documentation of standard procedures to conduct cross-training and support of newly-hired staff.

CTS Impact Solution:

The CTS Impact team worked side-by-side with this client’s Accounts Payable team to identify and implement process improvements to its current processes.

As a starting point, CTS Impact staff performed day-to-day tasks of the accounts payable function, enabling them to identify and implement process improvements and system automation opportunities on a real-time basis.  This approach also helped ensure the client did not fall behind on its vendor payments, while it searched and hired for new permanent staff.

Using best practices as a benchmark, CTS Impact also benchmarked the client’s current processes compared to peer organizations to determine key operating metrics, target operating model and service levels.

Through its targeted review across all facets of the Accounts Payable process, CTS Impact implemented numerous process improvements including:

• Elimination of AP backlog
• Automation of invoice-coding in accounting system (Lawson)
• Expanded use of EDI
• New expense reimbursement policy
• Documented standard operating procedures, including PHI considerations for HIPAA compliance
• Implemented new cloud-based tool to prepare 1099’s

Background: To facilitate a transformation of financial processes, this CTS Impact client selected a new ERP system (SAP) and a business intelligence reporting tool (Hyperion HFM) to support its future business requirements.  Due to the complex nature of the project, this CTS client needed an IT Project Manager who had in-depth knowledge of such tools, as well as financial processes.

CTS Impact Solution: Using PMI-based project management methodologies, CTS Impact performed:

• Project management
  • Project plan development and updates (CA Clarity tool)
  • Status reporting to Steering Committee
  • Issue escalation, management and resolution
  • Resource management
  • Liaison to off-shore outsource provider (programming)

• Design and testing
  • System configuration
  • UAT and system test planning & execution
  • Go-Live coordination (phased approach)
  • Deployment readiness and scheduling
  • User support during go-live(programming)

Background: In the aftermath of a material accounting fraud, this CTS Impact client was required to restate several years of financial data.  In conjunction with this effort, an extensive review of its internal controls was required, including remediation of material weaknesses in its controls over financial reporting at both the field operations and at the corporate level.

CTS Impact Solution:  

• Field testing coordination
  • Develop and manage a Field Testing Help Desk, along with related project management tools, to coordinate testing at over 100 facilities across the U.S.
  • Review test results submitted by field testing teams to identify controls gaps
  • Develop test plans and conduct testing at selected facilities
  • Liaison with external auditors and other third-party service providers
• Corporate testing
  • Document and test corporate-level controls including treasury, cash management and tax functions
  • Remediation planning to address material weaknesses

Background: This publicly-held international pharmaceutical company was experiencing very rapid growth through multiple significant acquisitions. Each acquisition maintained their accounting records on different financial system platforms, so the client needed to migrate these disparate systems to a standard platform (SAP).
Also, prior to the roll-out of a new financial reporting tool (Adaptive Insights), the CTS Impact team maintained a parallel tool to perform the consolidation process, as well as the report validation process throughout the system implementation.

CTS Impact Solution:

CTS Impact needed to provide significant hands-on experience to assist this client in several ways simultaneously:

• Acquisition integration (3 major acquisitions within 1 year)
  • Account mapping to new chart of accounts
  • Reconciliation and analysis
  • System conversion from Great Plains Dynamics to SAP
    • Assist with process design
    • Testing
  • Document standard operating procedures (SOPs)
• Interim accounting activities
  • Backfill support for various accounting and financial reporting roles while client conducted hiring process for permanent hires
    • Monthly/quarterly/year-end close activities
    • Consolidations
    • Inventory accounting
  • Cross-training and transition to new permanent staff

Consistent with CTS Impact hands-on approach, while performing these roles, CTS Impact implemented process improvements to streamline the month-end close process.  In addition, CTS Impact documented standard operating procedures (at the desktop level) to provide cross-training for new hires.

Background: With the merger of 3 operating companies located across the U.S., this CTS Impact client needed to design and develop a standard back-office platform — business processes, policies & procedures, and systems, to support its integrated operations.  In addition, the back-office was being centralized to a new headquarters location

CTS Impact Solution: With a blend of hands-on experience with financial systems and processes, the CTS Impact team managed the following:

• Financial systems conversion (Great Plains Dynamics)
• Develop financial reporting and analysis tools
• Develop and document standard business processes and operating procedures
• Ramp-up staffing until permanent hires in place and cross-trained