Background
In the fast-paced world of Ad Tech, a high-growth company faced a pivotal moment: implementing a new ERP system to streamline operations and accommodate their expanding needs, including compliance with ASC 842. To ensure success and maintain their internal team’s focus, they partnered with 8020 Consulting, known for our expertise in complex financial systems, seamless integration, and success with achieving ASC 842 compliance. This collaboration aimed to drive efficiency and set the stage for continued growth in their dynamic industry.
8020 Consulting’s Solution
8020 Consulting seamlessly integrated with the Ad Tech company’s team, stepping into internal roles and offering invaluable assistance with the ERP implementation. Collaborating closely with the internal team, our consultants spearheaded testing scripts for GL and Fixed Asset modules, evaluated accounting system rules, and verified module functionality. Ensuring the accurate transfer of data from the old system to the new one, we played a vital role in facilitating a successful ERP system transition.
As the partnership evolved, the scope of our engagement expanded beyond the ERP project. Our team took on a diverse range of initiatives, from implementing ASC 842 and optimizing financial reporting to streamlining month-end close processes, enhancing cash flow efficiencies, and ensuring debt compliance. Additionally, we seamlessly covered positions within the Controllership and GL Accounting teams during periods of growth, leave, or turnover.
Outcome
The support and expertise provided by 8020 Consulting proved instrumental in achieving a successful ERP system implementation, resulting in improved rules and controls surrounding system data. This success was not merely a short-term fix, but rather a catalyst for a long-term partnership. The Ad Tech company continued to engage with 8020 Consulting for multiple years, benefitting from our wide-ranging knowledge and flexibility.
As a result of our partnership, our client was able to make strategic hires for their team and implement efficient processes that positioned them for further scalability and growth. Despite the company’s rapid expansion, the work performed by 8020 Consulting allowed for a faster financial statement close, a clear indication of the lasting impact of our contributions.
