Interim CFO Project
Project Overview
This project focused on improving asset management by implementing more efficient processes and enhancing visibility into the financial status. It involved tracking and managing propane tanks of various sizes, ranging from 20lb to 1,000 gallons. Accurate data on these assets was crucial for securing additional funding from banks and for minimizing costs, ensuring the cash flow required to support growth.
Key Challenges
Complexity - The project involved managing a significant number of tanks and assets, which were used at customer sites and returned once they were empty or when the contract concluded.
Key Data - To comply with state and federal regulations, it was essential to track serial numbers and dates for all tanks.
Time Constraints - With a tight deadline and the need to secure additional assets, the team had to operate swiftly and efficiently to meet the requirements.
Project Approach
Planning and Definition – This phase focused on gathering requirements, creating a strategic roadmap, and clearly outlining the project’s scope.
Execution – During this phase, the team carried out the planned processes, conducted mapping, integrated systems, and executed the rollout. This required collaboration not only within the internal team but also with customers, making customer coordination a key priority.
Testing and Validation – This phase included verifying the accuracy of the data and confirming the physical locations of all tanks.
Go-Live – This final phase involved training employees and developing standard operating procedures to support ongoing operations.
Project Outcome
The project enabled the company to secure the necessary funding and provided ongoing support for employee training as the team expanded. Financial records became easier to audit, and accurate data could be accessed daily. Our team collaborated closely with theirs, both on-site and virtually, to achieve these objectives and ensure a smooth, successful execution.