Situation
A Nashville healthcare investment banking veteran decided to start a highly specialized strategic advisory firm just as COVID-19 began to impact business economies around the U.S. Starting a new business as the country was shutting down was not ideal, but they still needed a complete back office. They found one in LBMC W Squared’s outsourced finance and accounting solution and other LBMC business services.

Approach
LBMC W Squared was engaged as the client’s finance and accounting department to design and establish the cloud-based accounting, bill payment and expense reporting systems, develop policies and procedures and provide all accounting, procurement, accounts receivable and accounts payable functions. LBMC W Squared was able to stand up the new system, infrastructure and services in April and May, despite a national shut-down, by providing a virtual deployment.

Outcome
The client was able to open their office, bill their clients, pay their AP, and produce financial statements for operational and regulatory purposes. They reached steady state for monthly activity and financial close in under 6 months DURING a worldwide pandemic.  This rapid deployment and successful implementation would not have been possible without the expertise and professionalism of the LBMC W Squared team.

Services include:

  • Fractional accounting team
  • Cloud-based accounting, bill payment, and expense reporting system
  • Policy & Procedure development
  • AR & AP functions
  • Procurement solutions