Background:
Timely and accurate financial reporting is essential for making informed decisions, complying with regulations, and maintaining investor confidence.
MGO provides comprehensive client accounting solutions (CAS) to help businesses maintain financial clarity, compliance, and strategic foresight. By offering tailored solutions that meet each organization’s unique needs, MGO empowers companies to focus on growth while maintaining strong financial foundations.
Challenge:
An online pharmacy with approximately $57 million in annual net revenue faced serious weaknesses in its accounting process. The sudden departure of a senior executive created a critical gap in financial reporting. The board of directors and other stakeholders lacked visibility into the company’s financial operations and were unaware of the severity of the underlying problems. Executives hadn’t received accurate financial reports in months, and the company struggled to complete its annual audit requirement.
The situation was further exacerbated by an understaffed accounting team — with only one accounts payable clerk, one accounts receivable clerk, an assistant controller, and a controller managing an overwhelming volume of transactions and deliverables.
The company’s leadership knew they needed help but were unsure of the exact nature of the problem or how to solve it.
Approach:
MGO stepped in with a swift and strategic approach, providing “boots on the ground” support during this critical period. Leveraging our deep experience in financial reporting, we immediately assessed the company’s entire financial cycle — identifying the root causes of the delays and inefficiencies.
Understanding the client needed not just temporary relief but a long-term solution, MGO provided a technical director to advise on complex accounting matters as well as junior-level support to manage day-to-day tasks like bank reconciliations and cash management. This allowed the controller to spend more time on areas of highest impact to the company, such as providing timely financial reporting to the board of directors and executives.
MGO’s team worked closely with the client for over eight years, becoming a constant and reliable presence through multiple CFO and controller changes. By understanding the company’s unique needs, we implemented processes for financial reporting, reduced the time required for the monthly close, and provided audit readiness services. Our continuous involvement helped keep the company’s financial operations stable and compliant during periods of leadership transition, preserving institutional knowledge throughout the process.
In addition, MGO played a crucial role in rebuilding the company’s internal accounting and finance department. We not only provided technical support but also helped with identifying and interviewing candidates, and training new hires to preserve and pass on institutional knowledge.
Value to Client:
MGO’s involvement was transformative for the client. With our guidance, the company overcame the immediate crisis, successfully navigated its annual audit, and implemented processes that laid the groundwork for future growth — including potential public offerings. Timely financial reporting gave the owners the visibility they previously lacked, allowing them to make informed decisions with confidence.
The company now operates with a well-organized and efficient internal accounting team capable of handling its complex financial needs independently. MGO’s ongoing support during staff transitions provided continuity and peace of mind, preventing the loss of critical financial knowledge. By addressing both immediate and long-term needs, MGO helped the company overcome its financial challenges and empowered it to build a sustainable and self-sufficient financial operation.
Your Trusted Cash Flow Management Advisor
MGO’s CAS professionals have decades of experience helping clients improve processes, weather transitions, and boost performance.
Contact MGO today to learn how we can support your financial reporting processes and increase visibility into your organization’s finances.
