It is nearly impossible for organizations to grow without the necessary capital to achieve success....
Adventum’s client is a marketing and consulting firm uniquely focused on working with dentists and specialists. The company specializes in consulting and marketing services to help dental practices grow. Founded on creativity, collaboration, and hard work, they have developed a national reputation as experts by offering tailored solutions geared towards the strengths of each individual expertise, they help Periodontists, Oral Surgeons, Orthodontists, Endodontists, and General Dentists maximize the values of their practices
Client Challenge
The company is a wholly individually owned organization, and its accounting practices maximize the tax benefits of the owner. Due to the client’s success and increasing growth potential, outside investors were interested in providing additional capital. Unfortunately, investors were not able to gain a thorough understanding of the business due to the client’s accounting practices. Adventum’s client needed to adjust their accounting policies and procedures. For accurate accounting and reporting of financial information, it is imperative to establish policies and procedures that are practical and sound.
Adventum Solution
Maintaining good accounting policies and procedures for your organization requires time and effort. There is no "one size fits all" solution and creating a manual should be tailored based on your organization's size and structure, complexity, staffing, and business model. By establishing a policy alignment framework for the entire business, your company can consistently and more efficiently implement new policies, perform updates, and address their needs.
Results
Within a couple of months, Adventum assessed the resources available and revamped the client’s accounting policies and procedures to move from cash basis to accrual accounting. While designing these policies and procedures, we trained the existing team to execute them on a daily, monthly, and annual basis. The client is now able to have an independent audit as well as provide the necessary financial reporting confidence and understanding to any potential investor.
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