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Jan 31, 2025
1:33:08pm
BoiseBlue All-American
If you're not an accountant, you should probably not click on this post, because
it probably won't really make any sense.

I took over as CFO for a Company about two years ago. When I arrived, they were in the process of changing just. about. everything. I'm not exaggerating. Here's a list of just some of the biggest changes.

1. Implementing a new ERP/Accounting system.
2. Implementing a new Point of sale system
3. Changing our fiscal year end from 5/31 to 12/31
4. Consolidating our banking relationships from a handful of regional banks to one National one. (Debt and Treasury services)
5. Changing out the CPA firm responsible for our Annual audit and tax prep.
6. On top of all of this, when I arrived, roughly 3/4 of the accounting staff had been with the Company less than 6 months.
7. Then, in July of last year, our owner, who had been significantly involved with me in running the finance of the business passed away.

It was a pretty daunting task, but we've made a lot of progress and I'm proud of how the team has pulled together. As it turns out, however, a land mine that I laid for myself nearly a year ago (that at the time was lauded as a major coup) is finally coming back to haunt me. While I was negotiating our debt agreement, I got the bank to agree that since we were changing our Fiscal year end from 5/31 to 12/31, I wouldn't have to have our books audited for the June-December 2023 fiscal period - they would let me wait until we had finished 12/31/24 until we had to get another audit.

Well, here were are, and now I'm prepping for a 19-month financial colonoscopy that bridges two financial systems, five banks, a changeout of Controllers and numerous changes to the accounting staff. Time to pay the piper. I've told my wife that she should probably just plan on not seeing me again until April.
BoiseBlue
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BoiseBlue
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Mar 5, 2025
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