Challenges
As noted to the right, P31 has experienced tremendous growth since its founding in 2016. In addition, the company has expanded both its service offerings and geographic range, leading to rapidly changing management and accounting needs. Staffing levels rose from just a handful in 2016 to a peak of over 450 by 2020. Controller and CFO level functions were initially performed by an experienced controller who also had responsibility for other Bamford family entities. P31’s growth, and that of its sister companies, eventually made this impracticable. Along with the growth, the company experienced turnover in key accounting functions, complicating the full implementation of new accounting software.
Solutions
Morrison was engaged to address accounting and reporting issues identified by the company, and to ascertain and address other matters to allow for accounting and reporting procedures to match the company’s changing needs and projected growth. Morrison assisted in catching up with accounting backlogs and developing new processes and procedures. Having filled most controller and CFO level functions, this enabling the current controller to focus on the sister companies and to allow P31 to prepare to onboard a full-time controller dedicated to the needs of the company.
Successes
With most of the backlogs resolved and improved processes in place, P31 was ready to move to a permanent solution. Morrison assisted in vetting a controller candidate identified by the company and assisted with his transition. P31 is now better positioned to leverage its incredible growth into a bright future.
About the client
Founded in 2016 in Oroville, California, P31 Enterprises originally provided administrative services for the Bamford family of businesses, but the mostly woman-owned business had greater goals. “P31” is short for Proverbs 31, dedicated to industrious women “of noble character.” In part: 16 She considers a field and buys it; out of her earnings she plants a vineyard. 17 She sets about her work vigorously; her arms are strong for her tasks. 18 She sees that her trading is profitable, and her lamp does not go out at night. P31 soon added felling and removal of dead and dying trees along roads and utility lines. The company began cleanup and debris removal in the wake of California’s devastating wildfires, including the 2018 Camp Fire. Pacific Gas & Electric engaged P31 to clear trees and brush from utility lines as part of its “line hardening” program. P31 also began “foundation work” to recover burned properties by removal of fire debris, ash, and contaminated soil. From humble beginnings in 2016, P31 grew to 74 crews and over 450 employees by 2020.
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