pronexusllc.com

They knew they needed to replace the accountant with someone who would be able to assist with their new objectives such as a conversion to NetSuite, take the lead to prepare for an upcoming audit and work closely with the VP of Finance on all other accounting and financial reporting for the organization. As part of our due diligence review, ProNexus recommended the client needed someone at a Senior Accounting level and within 1 week of the due diligence call, 2 candidates had been presented. The candidate came from a background of accounting in healthcare and had financial experience including analyzing and preparing financial statements, risk management, cash flow management and cost accounting. The new hire was able to make an impact immediately with higher level financial reporting, by spear heading special projects that had been put off and decreasing the amount of time for month-end close.

Therefore, it was not optimal that the parent company’s legacy accounting system handle the day-to-day accounting and reporting functions. Since the business was new, the client was not interested in making a significant investment in an accounting/ERP system but needed a flexible solution to bridge the company from start up to growth stage. ProNexus was engaged to develop an accounting and reporting solution for the “order to cash” process for the stand-alone business. The parent company’s accounting system would handle the accounting for manufacturing and inventory, but there was a need to develop a workflow process that would account for all the steps starting with a quote, to a sales order, to invoicing and cash collection.

In addition, the company was newly onboarding to NetSuite, the world’s leading ERP system, and had little experience in optimizing the system to meet its growing needs. ProNexus was engaged to provide a full array of outsourced accounting services to allow ownership to concentrate on sales and operation functions rather than the day-to-day accounting functions such as billing, accounts payable, cash management, closing the books and reporting. With ProNexus’ experience in NetSuite and bill.com, a digital accounts payable workflow software platform, ProNexus was able to take over nearly all the accounting functions currently being performed by ownership, while delivering these services 100% remotely. Lastly, new accounting reporting was developed to help analyze the performance of the business and CFO services were employed to help guide ownership in future endeavors.

As a result, the client engaged ProNexus exclusively to perform a Retained Search Project for a Director of Revenue Cycle. As part of our due diligence review, ProNexus recommended the client needed someone who had a strong background in revenue cycle and billing so they could quickly setup and manage a process to reduce their AR aging, rectify billing issues, and manage the team moving forward. The candidate that was hired came from a background in skilled nursing facilities and was the Director of Revenue Cycle for a large insurance company. The candidate’s strengths included leading a team of 85 FTEs accountable for billing and collections, underpayment and arbitration recoveries, SOX audits, denial management and revenue cycle system integrity.