Case Study: $1B+ International Fashion Retailer

The Chief Financial Officer engaged BDO to perform a comprehensive assessment of the company’s finance functions, including staff assessments, organizational redesign and process improvements. BDO provided significant transformational recommendations for a corporate accounting reorganization and relocation and upgrades to the financial planning and analysis, tax and treasury functions.

BDO Consulting Group, LLC professionals were subsequently engaged as Interim Chief Accounting Officer and Interim Financial Reporting Manager to help lead the corporate accounting function and assist with the transformation, including a planned change in ownership. We are currently serving in an external reporting capacity, enhancing reporting and developing processes to stabilize the company for future periods.

Select BDO Consulting Group services provided include:

  • Reorganized the accounting processes

  • Significantly improved the monthly financial reporting cycle, reducing P&L close to five days and balance sheet close to eight days

  • Prepared monthly, quarterly and annual financial statements

  • Assessed and addressed personnel gaps and processes for accounting, financial reporting and tax functions

  • Improved corporate recordkeeping and accounting for stock compensation, equity distributions and financial instruments with embedded derivatives

  • Liaised with internal and external stakeholders including material shareholders and debtholders in periodic and ad-hoc reporting requests

  • Completed critical accounting projects

  • Managed implementation of ASC 842 lease accounting project involving over 2,500 leases and a search for embedded leases

  • Assisted with the steps required for a planned change in ownership

In addition, the client has engaged the BDO Tax team in co-sourcing tax preparation and international tax support projects, including transfer pricing work.

Learn more about BDO Consulting Group’s Interim Management Services