Manufacturer finds efficiencies during acquisition
Client need
Our client, a forklift manufacturer, enlisted Baker Tilly to assist in on-boarding a new controller and creating an opening balance sheet after the acquisition of a forklift dealership. As the acquisition progressed, Baker Tilly uncovered numerous efficiencies that improved the client’s overall financial reporting process.
Baker Tilly solution
Baker Tilly’s onsite team worked to generate the opening balance sheet and accumulate the support for a proper audit. The acquisition seamlessly progressed as the team helped reconcile all accounts and transition the entity from cash to accrual basis of accounting. Additionally, during our time on site, the team uncovered a number of controls that were not functioning properly, impacting the overall financial reporting process as well as operational areas. To help remedy this situation, the Baker Tilly team performed an internal control assessment over all the major financial reporting cycles as well as a high level operation assessment.
Results
Baker Tilly’s onsite presence allowed the client’s financial team to continue to fulfill their daily responsibilities while resting assured that their financial and control needs were being met. As a result of the team’s work, the client experienced:
- A seamless process to remove significant errors from the client’s financial reports
- A smooth transition and on-boarding of the new full-time controller
- A full implementation of controls
- Comprehensive support in answering questions during the audit of the opening balance sheet
For more information on this topic, or to learn how Baker Tilly specialists can help, contact our team.
