Success
Stories
CRITICAL ISSUE: Business Processes and Internal Controls
BUSINESS CHALLENGE: Accounting and internal controls after a “Material Weakness” – Becoming SOX compliant during a period of competing priorities.
Our client – an independent midstream and transportation company had undergone a lot of turnover in recent months and was going through a time of significant disruption post IPO. They needed someone to accelerate the closing cycle, increase the accuracy of the settlement statements and invoices as well as create new business processes to improve sox controls...
CRITICAL ISSUE: Revenue Recognition Compliance
BUSINESS CHALLENGE: Accounting for new revenue recognition standard accurately and timely – Developing an internal contract review and revenue recognition system with a short turnaround time.
Our client – a billion-dollar global manufacturing company had recently implemented ASC 606 (Revenue Recognition) but didn’t have the systems to do the complex contract review as well as the accounting for a Point-in-time or Over-time contract. These contracts accounted for over $1B in company revenue so it was imperative that the our team provide the client with a consultative and value added solution...
CRITICAL ISSUE: Chapter 11 Bankruptcy and Business Liquidation
BUSINESS CHALLENGE: Business owners on the verge of losing everything.
Our client – a small pipeline construction company in West Texas was booming, or so they thought. Sales were higher than ever; however, because of an inexperienced accounting staff, revenue was not recognized correctly, nor expenses booked timely using job costing. After an assessment my team quickly realized that the books were several months behind...
CRITICAL ISSUE: Complete a two-year and interim period audit and create and file the S4 document with the SEC on a very short deadline.
BUSINESS CHALLENGE: The Company had never had an audit and two prior consulting firms were unsuccessful in their attempt. In addition, the F-pages, MD&A and Pro Forma disclosures needed to be created with a short turnaround time because of cash flow issues created by the Covid-19 pandemic.
Our client – an emerging growth company in the long-term care industry did not have the staff, time and budget to have a prolonged audit and S4 document filing. After two failed attempts by other firms to complete the audit timely and under budget, JLP was called in to take over the project. It was imperative that our team provide the client with...