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Eliminated the pain of an unexpected resignation by onboarding an interim controller immediately

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“When our controller gave notice, we panicked, knowing our small finance team would be swamped overnight. But, the speed at which Paro was able to find us an interim controller with the experience and skill set we needed, combined with the controller's ability to get up to speed quickly, better our processes, and provide an unbiased and fresh set of eyes on the numbers, was amazing. We will absolutely use Paro again."
Lauren Barranti, President and CEO, CHME

Lauren Barranti
President & CEO, CHME

 

Find me a controller

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About CHME

CHME provides the full range of home medical products, supplies, and services, getting patients where they need to be and being there for them when additional support is required. 

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The Pain

  • After a few months of under-performance, CHME's only existing controller unexpectedly put in two-weeks notice.
  • Not only did this impact the two-person finance team, but due to the short notice, a replacement controller would have to ramp up extremely quickly in order to keep the organization on track.
  • Though a formal knowledge transfer would be ideal, it seemed impossible to find a qualified replacement before the outgoing controller's last day.

The Story

CHME had been worried for months that their only controller was about to leave. In January, their fears came true when the controller quit, with a tight two weeks notice. 

The medical device distribution industry has high transactional volume with strict HIPAA regulations, and at CHME's scale, specialized software is a prerequisite, so in addition to their core Quickbooks financial software, CHME leveraged Brighttree.

CHME had been heavily reliant on the controller leading their two-person finance team and needed to find a replacement able to navigate insurance billings, understand how the flow of funds operates in a medical space, and use a specialized tech platform stat.

The Solution

CHME immediately enlisted Paro to source a new controller. They were not in a place where a CFO was necessary, and their in-house bookkeeper was great. But they needed a controller's specific skills. Paro was able to match, contract, and place an interim controller before the previous controller left. 

The Paro financial expert was not only able to establish himself as a trusted resource, but also kept the organization afloat while simultaneously implementing process improvements. 

With the help of a Paro expert, CHME: 

  • Simplified closing processes by reducing unnecessary pivot tables and various other data-intensive and time-consuming analyses
  • Substituted easy-to-follow links to eliminate hard-coded inputs
  • Instituted process documentation to de-risk the organization from any one individual's knowledge
  • Re-engineered essential reports to create a more efficient process across revenue, COGS, and related cycles 
  • Created a best-practice audit trail for all excel schedules with clear formulas and documentation
  • Was able to replace a full-time resource with a fractional expert who required less than half the time to close the books each month

The Result

Reduction in monthly time-to-close
data-intensive, time-consuming analysis
documentation for future audits

Services Used

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Bookkeeping

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Accounting

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Financial Planning & Analysis
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Part-Time CFO
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Tax