Established Investment Manager

Client Challenge

$5B+ investment manager with 20+ years in existence had outgrown their accounting platform and needed experienced team members to manage growth. Their core finance team was in place and had worked together for many years. Outdated systems and manual processes limited access & visibility to key data and caused delays in reporting.

The Solution

• Petra implemented a new accounting platform that simplified their code block and accommodated their current needs while allowing for greater functionality and enhanced reporting abilities.
• Petra implemented a new payables platform that introduced online workflow, moved away from paper checks, and provided greater visibility to financial obligations and cash movements while ensuring the client maintained the controls they desired.
• Petra reviewed the historical closing and reporting processes and made suggestions for enhancement.
• Petra built custom reports within the accounting system that enabled the team to view the data they wanted, when they wanted, in an easily accessible manner.

Key Results

• The client’s internal finance team is now able to focus on other initiatives as Petra manages all day-to-day accounting activities and performs system administration for the accounting platform
• The CFO and Controller utilize a reporting dashboard to view key data points, metrics & trends, spending significantly less time building reports and navigating the general ledger.
• Third party vendor payments are allocated and processed timely.
• Portfolio company invoices are issued timely helping to manage cash flow.
• Quarterly reporting time has been reduced by >50%.
• Scalable processes and robust controls are in place to accommodate increased volume and complexity in the future.