The Client’s Challenge
An Unexpected Void in a Legacy Business: In the world of high-stakes corporate operations, stability is everything. Especially for a 50-year-old, family-owned enterprise generating $35 million in annual revenue. This particular organization, a leader in the commercial real estate and property management sector, faced a sudden crisis when a key member of their accounting team took an indefinite, surprise leave of absence.
The CFO was left with a critical vacancy and a complex financial web. There were over 20 separate entities maintained in QuickBooks. Without immediate intervention, day-to-day back-office functions risked grinding to a halt. Functions essential for maintaining the health of their sprawling portfolio.
The Strategy: Immediate Integration and Precision Support
Recognizing the urgency, a trusted fractional CFO referred the company to Imperial. We moved swiftly, meeting with the business owner and the CFO to examine the situation. The goal: Identify the mission-critical functions required to keep the lights on while minimizing risk.
To ensure the highest level of security, the company’s upper management retained industry-specific, high-risk tasks. Meanwhile, Imperial deployed a dedicated bookkeeping professional three days a week to take over the back-office operations. Our scope was comprehensive, covering:
- Full AP/AR processing and monthly bank/credit card reconciliations across 20+ entities.
- The intricate management of intercompany due to/from accounts.
- Payroll processing and the setup of new employees and 1099 contractors.
- Compliance-heavy tasks, including monthly sales tax returns across multiple states and year-end reporting.
By auditing existing month-end checklists and refining workflows, Imperial optimized their processes.
The Result: Beyond a Temporary Fix
The immediate benefit was breathing room. With Imperial managing the daily financial engine, the CFO was able to conduct a patient, diligent search for a permanent replacement rather than making a rushed “panic hire.” However, a funny thing happened once the new hire was eventually brought on board. The executive team was so impressed by the caliber of Imperial’s resources and the seamless nature of our consulting that they chose not to offboard us entirely.
Today, while the permanent role has been filled, Imperial remains a vital partner, providing ongoing support 1–2 days a week. We continue to assist with monthly financial statements and coordinate with their outside CPA for annual filings, ensuring that this $35M powerhouse remains audit-ready and operationally lean, no matter what surprises the future holds.
Outgrowing your accounting structure
Most mid-market businesses outgrow their internal accounting structure years before they actually change it. It’s common to stick with what works, right up until it no longer does. A resignation doesn’t have to be a crisis, it can be the catalyst you need to optimize. If you are paying full-time executive salaries for administrative bookkeeping, or relying on legacy software to manage a complex portfolio, reach out to us to discuss what a fractional realignment looks like for your firm.
Contact Michael & the Imperial Team, and let’s have a conversation.
