Success Story: Seaboard

Seaboard Improves Reporting, Gets Clean Audit

Engages Fintelligent as Virtual Controller

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.

Business Situation

  • 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.

Fintelligent was asked to become the company’s Virtual Controller to update financial reporting,enhance cash flow forecasting and to manage the new auditor.

Focus Areas

Improve reporting, forecasting and control. Supervise new audit engagement.
  • Forecasting: Implement new cash flow forecasting model to better project shareholder dividends
  • Financial Reporting: Introduce quarterly reporting and management reviews
  • Control & Compliance: 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 to Seaboard.

Implemented Cash Forecasting System

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.

Managed Annual Financial Audit and Tax Return Preparation

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.

Updated Financial System and Financial Reporting

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.

Introduced New Financial Controls & Procedures

Fintelligent added new financial controls and procedures to improve oversight.

Results

Seaboard improved its reporting and successfully managed its audits.

  • Received clean audit opinion from independent auditor
  • Continued regular dividend payments to shareholders
  • Maintained cash reserves
  • Reduced time to prepare financial reports

“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, Seaboard Associates

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