What Might We Anticipate Coming Out of the COVID Tunnel?

We here at Steven M. Bush, a Professional Corporation, hope that our friends, colleagues, and clients and your families have been spared being infected with the COVID-19 virus. I anticipate that, like me, you haven’t experienced any symptoms of the virus but you’re sick of the effect the pandemic has had on us all. Perhaps we can start imagining a world without shelter-in-place orders, face masks, and fear for our health.

If you and your business colleagues haven’t already done so, I urge you to use this time to re-think, re-imagine, and re-evaluate. What projects have you put on hold and it’s now time to complete? Is your company permanently and reliably set up for remote work and are you supporting that model effectively? Might you need to restructure your operations or balance sheet? Might you be considering a purchase? Did you experience staffing cutbacks, and if so, will you re-staff your teams the same as before?

All this re-thinking, imagining, and evaluating will probably include some cash-flow forecasting that might strain your existing processes and personnel. If you can also de-risk your business and become more agile, all the better – but who will help keep all those plates spinning atop each stick? Might you have a gap in your operations and, if so, how might you fill it? Might some tasks get rushed or left undone for lack of bandwidth or resources?

My friend Karen Breen has recently “Embark-ed” on a new adventure working with a team of former “Big 4” CPAs who work alongside CFOs and their teams to move-the-needle on key projects. Karen is the Managing Director at Embark, an accounting and finance advisory firm that solves problems for CFOs and their teams. Embark was founded in 2010 and expanded to Colorado from its Dallas home base just two years ago. Karen and Embark work with companies of all kinds and sizes and offer support in a myriad of areas, from implementing new and complex accounting rules to assisting with quality of earnings analyses, ERP system implementations, audit/IPO readiness, to filling critical-role vacancies from staff accountant to controller.

Especially now, companies are rethinking business models and relying more on on-demand talent such as Embark offers to complete critical projects for which the company might not have the staff, expertise, or desire to tackle on their own. Companies in hyper-growth mode, for example, are often challenged to recruit, train, and build effective accounting teams that can keep up with the company’s needs. These teams are also usually challenged to keep up with changing reporting standards and the company’s growth. For clients like this, Embark creates processes to allow and ensure that the company can properly close its books on time.

What if you’re comfortably handling day-to-day operations but might be over-burdened by a special project, such as a purchase transaction or public offering? Karen shared that these are her favorite projects because they’re dynamic and each is unique. For example, Karen’s team recently consulted with TGIF Friday’s on their plans to go public and with Ping Identity on implementing a new accounting standard.

Embark is small and nimble but leverages big league talent and experience. All of Embark’s consultants started their careers with a “Big 4” accounting firm, and most have additional publicly traded company experience. These consultants offer their clients a high-level of service at a lower cost when compared to other consulting firms. Karen said, “We provide the right talent, for the right need, at the right time.” Sounds to me like Karen also has marketing skills!

Like most financial consulting firms, Embark is equipped to put month-end closing processes in place, to ensure that newly acquired target companies are presenting financial information accurately, and to expand and update accounting procedures to fit growing businesses and ever-changing standards.

Have you stayed awake at night worrying what would happen if a key member of your team suddenly left? Sleep easy! Emergency and temporary staffing for critical functions are in Embark’s wheelhouse. Financing or restructuring issues causing your heartburn? Embark helps clients prepare financial statements that fairly and accurately present the company’s performance and conform with current accounting standards. PPP loan or loan forgiveness application? Sarbanes-Oxley compliance? Facing an audit? Embark has the “plug-and-play” expertise to get the job done.

Karen’s clients tell her that their relationship with Embark is mission critical. When the client lacks the time, resources, or expertise needed, they turn to Embark for needed bandwidth and support. Karen reported that about 30% of her team’s work is on an “emergency” basis – doing or fixing something immediately, when delay means serious consequences. If you have a need, project, staffing gap, or task in the realm of accounting or finance, Embark can help.

Embark is constantly recruiting – not just clients, but talent as well. Their stable usually includes a consultant who has the right skill set to meet the client’s particular need in real time. Karen shared that she most enjoys the variety and diversity of clients and challenges she and her Embark team take on and the smart and versatile people with whom she is blessed to work. Karen recommends when evaluating finance consultants to look for someone with a solid technical accounting foundation and high emotional IQ – someone who is attentive and looks for other opportunities to help.

If you’re interested in hearing more from Karen or think Embark may be able to help you in your business, please reach out to me. I’d be honored to connect you.