We needed a skilled financial team to help manage the complexities of our business. Fintelligent came in and streamlined our controls and processes, giving me confidence that our financials are timely and accurate.
Tim Yates, Chairman
Fintelligent provided Virtual Controller
services that improved reporting and control
Founded in the 1920s, Seaboard Associates is a holder of domestic mineral rights. The company is a closely held corporation
with multiple entities. It collects royalties on the rights it owns and distributes them to shareholders. Seaboard gets new revenues through lease agreements from prospectors who drill for oil and gas.
New management was installed at the company
Management retained a new auditor
Management wanted to improve cash flow forecasting and accounting procedures to streamline reporting and improve control & compliance
Improve reporting, forecasting and control. Supervise new audit engagement.
Implement new cash flow forecasting model to better project shareholder dividends
Introduce quarterly reporting and management reviews
Enhance control and compliance with accounting for oil & gas revenues
Manage audit engagement with new independent CPA firm
Fintelligent provided Virtual Controller services
Seaboard and Fintelligent worked together to implement a new cash forecasting system. We added the effects of accrued expenses and timing of tax payments so we could more accurately predict ending cash balances.
In conjunction with Seaboard management, Fintelligent personnel worked with the new auditors from a large national firm to provide them comfort with Seaboard’s financial statements, procedures and controls.
Seaboard wanted easier access to its financial systems and updated reporting. Fintelligent updated the company’s general ledger system and made it accessible in the cloud. We introduced a cleaner chart of accounts and streamlined the reporting of consolidated entity financial statements
Fintelligent added new financial controls and procedures to improve oversight.
Received clean audit opinion from independent auditor
Continued regular dividend payments to shareholders
Maintained cash reserves
Reduced time to prepare financial reports
248 Main Street, 2nd Floor, Chatham, NJ 07928
| Tel: 908-264-2220 x110