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On-demand CFO Elevates Financial Management

financial consulting
With KSMC as its acting CFO, Borshoff experiences heightened consistency and quality of its financial operations

Client Challenge

  • To enlist a trusted advisor for immediate financial support and expertise.
  • To evaluate and refine financial processes and procedures.

Solution

  • Financial assessment reviewing current processes and procedures.
  • Appointment of an onsite, acting Chief Financial Officer.

Results

  • Ongoing support through on-demand trusted financial advisor.
  • Consistent pulse on financials with introduction of new reports and metrics.
  • Heightened quality and trust of overall financial operations.
Management Consulting
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Challenge
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“We are not financial experts; our expertise lies in public relations, marketing, and advertising. Having a trusted advisor helps put our minds at ease.”

Susan Matthews
Principal, Borshoff

About Borshoff

borchoffBorshoff is an advertising, branding, and public relations agency headquartered in Indianapolis, Indiana. Since 1984, Borshoff has been doing great work that gets results. Fifty-seven employees strong, Borshoff creates deep client relationships, with many partnerships lasting for years.

Challenge

Borshoff suddenly found itself in a position, due to a staff change, of needing immediate financial support and expertise. A long-term client of Katz, Sapper & Miller (KSM) for tax services, Borshoff’s first instinct was to enlist KSM for ongoing assistance. KSM referred Borshoff to the KSM Consulting (KSMC) Financial Services practice, a component of its Management Consulting division.

Borshoff’s financial operations had grown increasingly complex over the years as the business steadily grew and, recognizing they were not experts in this area, Borshoff welcomed the idea of enlisting a trusted advisor to evaluate and refine processes.

Solution

To initiate the engagement, the KSMC Financial Services team spent time onsite with Borshoff reviewing processes and developing an in-depth understanding of the current state through a financial assessment. In tandem, the team assisted Borshoff in maintaining financial operations. Once the assessment was complete, the team provided Borshoff with a list of recommendations to improve financial processes.

During the financial assessment, it was realized that a full-time chief financial officer (CFO) was not necessary. However, the complexity of the financials of the service organization required the skills of an experienced and high-level professional. Because of these factors, Borshoff made the decision to enlist a member of the KSMC team as its acting CFO. The KSMC team member spends a portion of each week at Borshoff, reviews financials monthly, and serves in a trusted advisor capacity.

“Throughout the years we have developed a relationship with KSMC. Their team has shown us day in and day out that they truly care about our success. They simply fit in well with our team. Our CFO may be a numbers guy, but he has brought so much more to the table.”

Susan Matthews
Principal, Borshoff

Impact

KSMC has enabled Borshoff to raise the overall consistency and quality of its financial operations. In its acting CFO capacity, KSMC has led to the introduction of new reports, improved monitoring capabilities, and the development of metrics to assist in keeping a pulse on the financials of the organization. In addition, Borshoff has support in the development of its annual budget and year-end close.

By working with KSMC, Borshoff now has a solid, stable financial management system. Having an outside resource provides Borshoff with checks and balances, instilling confidence organization-wide about the company’s financial status. The KSMC team continues to provide Borshoff with new ideas so the organization may remain well informed of evolving best practices.

Borshoff continues to grow and refine its operations – it’s currently in the process of a systems restructuring, which will impact billing and accounting. KSMC will serve in the role of trusted advisor from an accounting standpoint during this period of successful growth, acting as the CFO for Borshoff on an ongoing basis.

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