A Northwest regional accounting firm faced a significant staffing capacity challenge due to senior staff retirements and the impending 2020 tax season. Their remote location offered a limited pool of expert talent, increasing concerns about overworking their existing team and potential burnout. The firm also sought a secure, long-term solution adaptable to fluctuating workloads, ensuring data integrity and securing essential buy-in from IT and partners. The firm engaged Paro to explore fractional staffing options and address their immediate needs. Paro's team thoroughly assessed the firm's requirements, including client base, work type, software, and estimated hours. Utilizing an AI-powered platform and expert oversight, Paro matched the firm with two fully vetted experts who immediately tackled the tax season workload and offered best practices for a secure remote environment. Subsequently, two additional fractional experts joined to support ongoing tax and audit needs. As a direct result of the partnership, the firm achieved a 10-15% increase in top-line growth, enabling them to accept more client work and improve timeliness. The Paro experts introduced valuable process improvements that were applied firm-wide, enhancing efficiency in tax return preparation and refining the internal IT ecosystem. This strategic partnership positioned the firm to confidently take on additional client load and proactively plan for future growth.

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EST Group faced a significant reduction in net profit due to a lack of clear financial reporting and cash flow insights. Their reseller agreement was pressured by creditors, and the consulting arm struggled with leadership turnover. The company desperately needed financial clarity and strategic direction. A fractional CFO with 30 years of turnaround experience was brought in to assist EST Group. The CFO helped the firm acknowledge flawed budgeting practices and developed a comprehensive roadmap. This roadmap included evaluating corporate structure, compliance procedures, and financial processes. He then implemented revised annual budgeting with granular templates and created informative reporting and KPI dashboards. Over approximately 18 months, the CFO guided EST Group through reorganization and roadmap execution. The consulting firm was successfully spun off and sold to another business. This success was driven by increased financial clarity, streamlined processes, and improved metric definitions. Ultimately, the company achieved a turnaround, gained significant value, and completed a successful sale.

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CHME, a healthcare services provider, faced an unexpected challenge when their sole controller resigned with only two weeks' notice. This left their two-person finance team in a difficult position, requiring an extremely quick replacement to maintain operations. Given the high transactional volume, strict HIPAA regulations, and reliance on specialized software like Brighttree in the medical device distribution industry, finding a qualified controller proficient in insurance billings and fund flow was critical and seemed impossible in the given timeframe. CHME promptly engaged Paro to find an interim controller. The company specifically needed a controller's expertise, rather than a CFO, to support their existing bookkeeper. Paro successfully matched, contracted, and placed a skilled interim controller who began working before the outgoing controller's departure, ensuring business continuity. The Paro financial expert quickly became a trusted resource, maintaining the organization's stability while simultaneously implementing significant process improvements. The expert simplified closing processes by eliminating unnecessary data-intensive analysis, substituted hard-coded inputs with easy-to-follow links, and instituted crucial process documentation. These changes de-risked the organization from individual knowledge reliance and resulted in a fractional expert needing less than half the time to close the books each month compared to a full-time resource.

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When Jimmy Kinley became CEO, Kinley Corp needed to improve its financial statement timeliness to secure bonding for future construction projects. Leadership was unable to focus on strategic growth due to the day-to-day demands of completing overdue statements. The company required immediate insights into monthly financial statements to make informed decisions for its future expansion. Kinley Corp partnered with Paro's fractional CFO Robert Mohr and fractional controller Jon Gruchy to address these challenges. They successfully streamlined month-end processes, ensuring financial statements were completed efficiently and accurately, and gained critical business insights. New procedures were implemented, including an easy-to-understand month-end checklist and clear financial statements, while existing talent was better utilized and trained. As a direct result, Kinley Corp cut its accounting operational costs in half and achieved a 50% reduction in month-end close time, completing it within 30 days. Financial statements were turned around in just six weeks, and the company was positioned to increase its bonding capacity within six months. This transformation led to Kinley Corp being recognized as a premier client and gold standard for financial reporting by its bonding company, reinvigorating company culture.

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After a successful first year, Agency 39A, a quickly expanding digital agency, needed a more robust financial reporting system for its next phase of growth. The agency’s CEO was working with a bookkeeper but wanted more structure and visibility into his financials to make accurate, strategic decisions backed by data. He recognized the need for financial leadership to boost confidence in the company’s growth roadmap and create projections. The first priority for Agency 39A was building out FP&A capabilities, focusing on budgeting and forecasting, while also seeking a flexible solution for strategic finance leadership. The agency was matched with an expert, Boris, who brought extensive FP&A experience and a background in scaling new businesses. Boris created detailed financial forecasts, an annual budget, and an extensive reporting suite to provide deep analysis and support strategic decision-making. The combination of FP&A functions and strategic leadership led to a direct margin improvement of nearly 15% within a year. Improved visibility into business segments and cash flows boosted confidence that Agency 39A would reach its goal of 100% revenue growth that year, with margins projected to remain stable. The new financial tools enabled structured decision-making, optimizing cash flow and positioning projects for higher margins, freeing up the CEO to focus on crucial growth functions.

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A venture capital firm, managing over $750 million in committed capital, sought objective buy-side due diligence for a potential growth equity investment. They needed a third party to thoroughly evaluate a target company's internal finance staff, assessing its scalability, accounting policies, controls, revenue recognition, accrual policies, and audit readiness. This comprehensive review was essential for making an informed investment decision and mitigating associated risks. The client engaged Paro to perform the crucial due diligence for a Chicago-based PaaS startup. Paro connected the firm with Rich S., a finance expert with 20 years of industry experience and a history of raising over $500 million. Rich conducted a detailed assessment of the startup's financial team, policies, internal controls, and audit readiness, including their capability to manage a transition between revenue recognition models, providing a comprehensive report to the client. The comprehensive due diligence report provided by the Paro expert confirmed the target company's strong team and robust financial policies. This crucial information empowered the venture capital firm to confidently proceed with their investment. Consequently, the client made a significant $20+ million growth equity investment in the Chicago-based PaaS company.

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Tenacity Project faced significant challenges with a complex financial model that demanded substantial time and resources for updates. The organization initially sought support to streamline this model. However, during this process, it became apparent that their existing in-house bookkeeping solution was inefficient and costly, failing to deliver the necessary results. This created a dual problem of operational burden and financial waste. A freelance analyst was engaged to assist with the financial model by pulling data from Tenacity Project’s accounting software. During this engagement, the analyst uncovered critical reporting inefficiencies across Tenacity Project’s various service lines and regional P&Ls. Further investigation revealed that the organization's current accounting provider was delivering inadequate service and oversight despite the significant monthly costs. This insight pinpointed the root cause of the financial drain. The partnership led to several key improvements, including transitioning from QuickBooks Desktop to QuickBooks Online and resyncing bill-pay systems to accelerate accounts receivable. Bookkeeping systems were simplified, resulting in more accurate and actionable financial reports, along with monthly cash flow and P&L analysis. A yearly cash flow budget was also developed, complemented by part-time CFO guidance. These strategic changes generated significant cost savings, which enabled Tenacity Project to invest in a part-time CFO for long-term financial strategy and improved cash flow management.

Project Details

Ovation, a company developing tools for scientists, urgently needed to raise outside investment to fuel its growth. They required a sophisticated financial model to present various growth scenarios to potential investors. However, their existing accounting foundation was insufficient, lacking the accuracy and flexibility needed to develop a robust financial model, which significantly hindered their fundraising capabilities. A financial expert was engaged to standardize Ovation's financial data, building confidence in their numbers. This process enabled the creation of a robust pro forma financial model crucial for fundraising. The dynamic tool allowed the team to easily adjust assumptions and inputs to address individual investor inquiries and needs. The engagement resulted in Ovation successfully raising $1.25 million in outside investment. They also transitioned to QuickBooks Online for better management access to financial data and updated prior year's books for accuracy. Furthermore, timely invoicing processes were developed to accelerate cash flow, and the financial model became a valuable internal management tool for ongoing business management. The support also included identifying and amending a prior year's filing mistake.

Project Details

AVIA, like many high-growth companies, faced the challenge of a lean finance team, consisting of only 2-3 members, needing to manage increasing workloads. This created significant pressure, especially with the demanding year-end audit approaching. The Senior Director of Finance, Ellen Kennedy, observed work piling up and recognized the urgent need for support to prepare for the audit effectively. Managing these priorities while also contending with potential employee turnover posed a substantial risk to operational continuity. AVIA sought external support from Paro for general accounting assistance and critical audit preparation. Paro quickly connected AVIA with Takeisha, a qualified CPA from their network, to provide fractional support to the lean finance team. Takeisha’s initial scope included accounting support and audit preparation. Shortly after she began, a key accounting staff member resigned, which broadened Takeisha's role. She seamlessly covered the departed accountant's responsibilities, ensuring continuity. With Paro's expert on their team, AVIA successfully maintained business as usual while concurrently preparing for their annual audit. No day-to-day responsibilities were de-prioritized during this critical period. Furthermore, the engagement led to reduced time spent on month-end closing, streamlined accounting practices, and achieved faster turnaround on reconciliations, enabling quicker decision-making for the company.

Project Details

The sudden resignation of OfficeLuv's controller left the company scrambling to manage essential financial operations. They urgently needed support for all core accounting duties, including bill payments and customer invoicing. This created a critical gap in their financial leadership and daily operations, requiring immediate and expert intervention to maintain business continuity. OfficeLuv engaged Paro to provide immediate accounting assistance while they searched for a permanent controller. Paro promptly matched OfficeLuv with an expert controller on the same day as their request. This financial expert quickly stabilized the company's financial situation and enhanced efficiency by leveraging third-party systems. OfficeLuv was so satisfied with the collaboration that they opted to retain Paro's services long-term, foregoing their search for an in-house controller. The Paro expert stabilized OfficeLuv's financial operations and significantly reduced cash burn by 36% against their year-to-date budget within seven months. They optimized invoicing and collection processes and developed technical systems that eliminated time-consuming manual tasks. Additionally, the expert collaborated with the product team and accountant managers to streamline financial operations, including modeling, projections, and budgeting. This led to dramatic increases in efficiency and a stable, optimized financial framework for OfficeLuv.

Project Details

Smith, Sullivan & Brown (SSB), an independent accounting firm, experienced significant growth and increased workload post-COVID-19, particularly with complex nonprofit accounts. Their existing team was overloaded, forcing them to turn down new business and grappling with staff turnover and unsuccessful recruitment efforts. This led to declining team morale and a high risk of losing valuable employees, underscoring an urgent need for specialized audit expertise and workflow stabilization. SSB partnered with Paro, initially viewing the collaboration as a short-term solution to navigate their ongoing crisis and recover. Paro augmented SSB's staff with multiple experts, including staff-level talent to expand capacity and senior-level accounting professionals for complex audits and internal oversight. The firm meticulously onboarded five Paro experts, seamlessly integrating them into their remote team, enabling them to participate in firm activities as a true extension of SSB's in-house staff. The integration of Paro's highly skilled experts provided immediate relief and stabilized SSB's nonprofit audit services. This increased capacity reduced individual task workloads and freed partners to concentrate on more strategic advisory services. As a result, the firm achieved its best financial year, reporting increased profits and distributing more bonuses and raises than ever before, which significantly boosted overall team morale.

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Clergy & Laity United for Economic Justice (CLUE), a nonprofit with an 11-person staff, faced significant strain managing its books and producing timely reports for funders. The existing bookkeeping methods were outgrown, leading to a lack of detailed understanding of expenditures beyond bank balances. This hindered the executive director and board from gaining financial visibility and effectively reporting to funders. Paro provided fractional CPA Jennifer H., who initially cleaned up CLUE's financial records and met weekly with the team to address issues. Jennifer adapted her involvement as the organization's needs evolved, transitioning from cleanup to everyday financial management and month-end close. She also trained admin personnel on tasks such as invoicing and budgeting for grants. This standardized procedures and allowed the team to track time and resources spent on grants more effectively. The partnership enabled CLUE to complete its 2022 year-end close in record time, providing the board with monthly financials for the first time in recent memory. This increased financial visibility allowed CLUE to clearly report on donations and effectively position itself for new grant opportunities. The enhanced ability to easily find and review past records reduced costs, freed up team time, and ensured readiness for audits required for grants over a $500,000 budget.

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As a startup developing both software and hardware, Keyo faced the critical challenge of managing cash burn and runway while simultaneously developing products and ensuring compliance with regulations like tax and certifications. In 2016, their small team, including founders, struggled to establish robust financial processes. The company required sophisticated financial infrastructure, documentation, and forecasting to support its growth and secure future funding rounds. They needed to evolve beyond ad-hoc financial management. Keyo first engaged Paro for fractional accounting services between 2016 and 2017. As the company's financial needs matured, they leveraged their Paro relationship in 2018 to bring in Roger, a fractional CFO expert. Roger systematically established previously non-existent financial processes, including approval workflows, state and tax compliance, R&D tax write-offs, and maintaining tax records. He also developed crucial pricing models and forecasts for current and future products, guiding Keyo from a startup to a scaleup with weekly finance meetings and strategic cash burn management. Roger's expert work as a fractional CFO successfully positioned Keyo to raise a round of funding from investors, ensuring all financial statements were accurate and legal preparation was complete. His financial forecasting and strategic guidance enabled critical decisions, such as pivoting to the medical sector during the COVID-19 pandemic by adapting their biometric technology. Keyo achieved the necessary infrastructure for scalability and investor readiness, leading to a smooth transition towards internal full-time hires for their next growth stage.

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inRange Solutions, a rapidly expanding telecommunications program management firm, faced the challenge of an outdated financial system. The company required more robust financial insights and analysis to sustain its accelerated growth. Additionally, CEO Steven Liebezeit was overwhelmed, dedicating significant time to managing daily financial operations instead of focusing on strategic leadership. This stretched his capacity and hindered overall efficiency. Paro matched inRange with Craig, an experienced fractional CFO with a strong track record. Craig quickly identified opportunities and implemented new operational policies, procedures, and deadlines for finance and accounting functions, including month-end close and quarterly taxes. He developed a suite of analytical tools, including specific modeling packages for department project managers, to empower employees. Furthermore, Craig introduced comprehensive financial management solutions, consolidating reporting, budgeting, and accounting from numerous spreadsheets into streamlined systems. This established a consistent financial vocabulary and improved leadership's ability to make data-driven decisions. Through this partnership, inRange Solutions achieved significant returns on investment, including freeing up executive strategic time and substantial productivity gains. The CEO, Steven Liebezeit, was able to reallocate 60% of his time to business growth, moving away from daily financial operations. Craig’s expertise also led to nearly $500,000 in savings in a single year by reassessing the company’s tax positioning. With improved financial systems and strategic guidance, inRange gained critical insights and renewed confidence in achieving a doubling of revenue in the near to medium term.

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