Challenges Driving Change
The shift from a family-owned and operated business to one backed by a private equity group brings significant changes in the level of financial information needed. Not only was Venturity’s client under new ownership, the company was rapidly expanding and broadening its product line to meet the needs of their customers. While a family-owned company can make financial decisions autonomously, investors need much more in the way of detailed accounting, robust reporting and financial transparency.
With Venturity taking responsibility for the back office and providing a foundation of accuracy and trust, Venturity’s client was able to focus their attention on operations and taking the company to the next level.
Relationship Equals Results
After more than a decade of growth with a subsequent recapitalization also in the mix, Venturity still works closely with their client’s CFO and internal transaction processing team to create a fully functioning accounting department with a high level of expertise.
Not only does this relationship provide consistency in the monthly accounting, and transparency in the outside reporting, it also provides that extra layer of assurance for the client that their Venturity Team is able to step into any situation as needed. When the company faced a financial audit, there was no need for panic. Instead, Venturity’s partnership brought the client confidence that they would be able to withstand the audit, knowing their financial “ducks” were in a row.
Consistency Through Leadership Change
In 2018, more change came with a transition to a new CFO. Venturity immediately went to work building rapport with the new officer, providing assurance that he could rely on Venturity’s processes and trust in the level of support they offer. When a member of his internal transaction processing team needed to take a leave of absence, who did he call? Venturity.
Venturity mobilized quickly to map out a game plan and ensure the employee’s role was covered while she was out. Ultimately, this provided peace of mind not only for the CFO but to the employee knowing she could feel free to focus on her personal situation while Venturity handled things at work. As she returned, Venturity assisted with her re-entry for consistency in operations and a seamless transition.