Following the nearly simultaneous departures of the CEO and CFO, company leadership reverted to the Board members. FLG’s Jim Pardee was engaged as interim CFO reporting to Directors during his 4 month engagement. With the departure of additional accounting staff, very little company knowledge remained in the accounting group. Jim’s initial focus was rebuilding the team, using highly experienced temporary personnel, while simultaneously improving the monthly closing process, dealing with issues of revenue recognition, and working with the Sales Department on improved contract language. The auditor’s quarterly review and 10-Q filings were completed, and monthly financial reporting to management was implemented. Jim developed a comprehensive forecasting/planning model, giving better visibility to the business segments, and developed budgets for the coming fiscal year.
