I knew I needed more financial expertise in our company, but couldn’t afford a full-time CFO. Fintelligent provided the right level of service at the right price. They’ve helped us enjoy record annual sales, higher cash flow and elimination of our long-term debt.
Paulo Rodriquez Heyman, Founder & President
Fintelligent provided Virtual CFO services to help Renova gain better insight into the financial performance of the company
Renova is an environmental contractor providing remediation services to federal, commercial and residential customers. Founded in 2006, the company has performed over 1,000 projects. The company’s mission is to provide cost-effective environmental and project management services that protect human health and the environment.
Renova was bootstrapped with founder capital and debt
The business grew rapidly from small residential jobs to larger enterprise contracts
Larger jobs required more labor and capital equipment, straining the company’s resources.
Expand job margins to increase cash flow, fund growth and retire debt.
Recommend methods to improve gross margins and improve job profitability
Introduce monthly financial reporting and management reviews to empower the business owner to assess growth
Reduce corporate debt and recommend options to increase internal cash flow
Develop annual financial plan and report performance against metrics
Fintelligent provided Virtual CFO and Virtual Controller services
Fintelligent worked with Renova to update the company’s general ledger system, introduce a cleaner chart of accounts and made it all accessible via the cloud
Renova management and Fintelligent jointly developed a comprehensive annual plan. Renova wanted to see metrics and performance for monthly sales, margin, profitability and debt management. We met with Renova monthly to review performance
Renova asked that we review its bidding process and set minimum hurdle rates for job profitability. We worked with Renova management to review certain bids to ensure hurdle rates were reasonable
Reducing long-term debt was a key objective for Renova. During the annual planning process, we determined how much excess cash flow could be used to retire debt. We also reviewed various strategies to keep the company adequately capitalized
Net revenue increased over 66%
Gross profit margin increased over 100%
Company eliminated all long-term debt through internal cash flow
Business expanded into lucrative government contracting