Overview

Our client experienced the loss of key talent, particularly in its financial leadership, just before a major restructuring initiative across its accounting department. Management reached out to Embark to fill those critical areas in its corporate finance group, as well as complete a backlog of projects, technical transaction analyses, and provide stability in its financial reporting procedures.

The big wins

Client challenges

After an industry-leading provider completed its buyout of the client, the corporate cultures of the two entities began to merge. However, our client’s accounting function lacked the bandwidth to address particular projects and certain aspects of its accounting and reporting procedures. With the loss of key personnel, including leadership positions, the company identified some critical needs and objectives to fill through the Embark engagement:

• Leadership continuity during the restructuring phase until the company could find permanent replacements
• Guidance on potential and closed acquisitions, including reviews of its acquisitions to ensure appropriate reporting treatments
• Skilled support to quickly address technical transaction analysis issues, including quarterly impairment, fixed asset impairment, and intangible analyses
• Review of the company’s lease reporting compliance procedures

How Embark helped

Given the scope of our client's needs during the restructuring, Embark was able to successfully addresses each of management's objectives for the corporate financial reporting group, including:

• Fulfilled key functions across the financial reporting group, starting with the vacant Corporate Financial Reporting leadership roles

• Reviewed the purchase price allocation advisory for all recent acquisitions

• Completed all outstanding complex transaction advisory projects

• Reviewed and addressed issues within its lease reporting compliance, also creating recommendations for the acquirer to streamline the client’s lease reporting procedures

• Provided general oversight of the company’s financials, also reviewing monthly close packets for questions and variance analysis in preparation for management review

• Implemented and wrote the technical memo for the new CECL (ASC 326) standard

• Reviewed the control environment to ensure it was operating effectively, communicating with internal audit and continuously documenting control performance

• Implemented changes in the company’s different systems for the corporate restructuring, working with the legal and IT departments throughout

• Reviewed and assisted with joint venture reporting advisory

• Prepared the statement of cash flows as well as various operational reports

• Drafted the client’s standalone quarterly and year-end reports

• Provided critical, ongoing audit support throughout the engagement

• Recommended key changes to invoicing systems and procedures to ensure timely payments

Results: our client completed its reorganization with a streamlined financial reporting function

As a result of our work, the company was able to leverage its expanded operations directly into market share based on reliable, accurate, and compliant reporting. They are already one of the largest home healthcare providers in the country, and has its sights set on even greater market share and expanded services. At Embark, we’re proud to help our partners reach their potential, using our Big 4-based experience to help them thrive.