AccuTech Systems, Inc.

Accutech LogoAccuTech Systems Banks on Capital CFO During Financial Transitions

One thing that causes stress levels of business owners and CEOs to spike is a transition of a key senior executive role.  For security installation and monitoring company, AccuTech Systems, the departure of their CFO—and the unexpectedly brief tenure of his replacement—was an unwelcome disruption in the company’s momentum.

Capital CFO Services and Gary Guttman helped AccuTech prevent the turbulence from adversely impacting the health of the business.

First on Gary’s list was attending to a banking situation that threatened the company’s access to capital.  This required a thorough review and cleanup of AccuTech’s accounting operations and securing a new banking relationship.

“Gary was like the fire extinguisher—you don’t want to need it, but when you do, you’re glad it’s there.  Without his services, quite frankly we would not have realized the maximum value for our business.”

Tim Miller
AccuTech Systems

For AccuTech, Capital CFO Services accomplished the following:

  • Implemented a new banking relationship that dramatically reduced the company’s annual interest expense and monthly/annual covenant requirements.

  • Recovered stolen funds plus legal fees from a former CFO.

  • Completed two annual audits with no audit adjustments.

  • Sold the business and eliminate significant stress on the owner because of company debt.

Capital CFO provided the following services to AccuTech:

  • Revamped the accounting operations to ensure the financial statements could be audited on a timely basis.

  • Identified $36,000 fraud committed by the former CFO.

  • Identified a new banker and negotiated a new lending relationship.

  • Coordinated due diligence activities with the lawyers and CPA’s.

  • Managed all accounting activities post-acquisition.

  • Implemented new accounts receivable procedures to improve collection timeliness.

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