A fractional CFO helped an oil services company regain clarity into a complex financial situation and reach unprecedented growth.
A fractional CFO helped an oil services company regain clarity into a complex financial situation and reach unprecedented growth.
A small, family-owned company in Texas was struggling to get accurate financial information from its Controller. Cash flow prevented them from bringing on a full-time CFO, but they were also unsure how to structure their finance department. Management didn’t understand enough about finance and accounting for pinpointing any issues, but it was becoming more apparent that the Controller was untrained. Internal controls were not adequately established, and there was ample opportunity for a mal actor.
Operationally, the company also needed counsel from an experienced industry professional. The company had reached a growth threshold that presented unforeseen challenges to operations, raising more questions about staff needs throughout the business.
The company engaged a McCracken Fractional CFO to help assess the needs of the organization in finance and operations. The Fractional CFO would help get the finance function back on track and establish proper internal controls and reporting procedures.
Within three weeks, owners and management regained clarity in the company’s financials. The Controller ended up leaving the company, but with fractional guidance and some training, the accounting staff can fully manage the business’s accounting operations.
The Fractional CFO facilitated the involvement of an industry specialist who identified significant tax breaks underutilized by the company. These breaks resulted in an influx of $800k cash to the business.
The CFO also had the industry experience to counsel the owners on their operational challenges. They were able to resolve their concerns about personnel through a minor restructuring, opening a new role.
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