Seaboard Associates

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

Business Situation

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

Focus Areas
Improve reporting, forecasting and control. Supervise new audit engagement.

FORECASTING:

FINANCIAL REPORTING:

CONTROL &

COMPLIANCE:

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

AUDIT MANAGEMENT:

Manage audit engagement with new independent CPA firm

Solution

Fintelligent provided Virtual Controller services

Cash

Forecasting

Manage

Compliance

Update Financial System

Enhanced

Controls

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.

Results

Received clean audit opinion from independent auditor

Continued regular dividend payments to shareholders

Maintained cash reserves

Reduced time to prepare financial reports

Bridge the gap from startup to scale

Grow your company faster and more effectively with outsourced finance and accounting from Fintelligent

Contact Us

248 Main Street, 2nd Floor, Chatham, NJ 07928

 info@fintelligent.com  |  Tel: 908-264-2220 x110

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Contact Info

908-264-2220 x110

248 Main Street

Chatham, NJ  07928

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