Frozen Foods Processor

Interim Finance/Accounting: Improving Systems, Planning for the Future

THE CLIENT:
The client is a long-established producer and marketer of frozen foods located in the Pacific Northwest.  Well-known for top quality products, the company sells wholesale frozen foods to major buyers in the US, Canada, and the Pacific Rim.  The company was referred to Morrison & Company by its bank. 

THE CHALLENGE:
The company was undergoing several significant transitions when its bank referred Morrison & Company to provide interim executive services, planning, outsource accounting, and other services.   While dealing with an aging facility and absorbing a major acquisition, there had been significant changes in management, including the departure of the Chief Financial Officer in the middle of an ERP conversion.  The company was struggling to complete the conversion and keep up with its daily accounting, causing problems with forecasting, cash projections, budget management, and inventory control.

We were engaged to provide financial outsourcing help, managing the accounting process and bringing it up to date, enabling and advising company personnel in the completion of the ERP transition.  With that in process, Morrison personnel provided interim CFO level assistance, addressing strategic and business planning; cash, debt, and equity planning; income and cash forecasting; inventory and asset management/utilization; improving financial and operating efficiencies; and risk management.

THE RESULTS:
When this financial outsourcing, interim CFO, and planning engagement was complete, the Morrison team had helped bring the company’s accounting records current, assisted in finishing the ERP transition, implemented procedures and controls, and put in place budgets, forecasts, and other financial plans.  Planning and strategy sessions were held with the board of directors and management to explore options and help set the company’s strategic direction.  The company successfully transitioned from its challenges and has consolidated its position as a premium frozen foods supplier, including the addition of significant new lines of business.