A long-established hardware and building supplies group operates across a network of branches, each with its own trading history and product mix. An incoming CFO wanted a deeper level of detail behind the group’s numbers than the monthly cycle allowed the finance team time to produce — the evidence behind each balance, not just the balance itself — particularly with the group’s first audit under a newly appointed external auditor approaching.
The client engaged Waypost to reconstruct that detail, establish reconciliation as a standing discipline, and equip the finance function with the tools and documentation to sustain it.
Reconstructing the balance sheet: Waypost worked through the general ledger account by account, establishing a reconciliation for each and building the working papers behind it. Balances that had accumulated over long periods were traced back to their source records, so that every figure could be evidenced rather than explained.
Working alongside the CFO: Waypost’s consultant brought prior experience in the CFO chair, working with the client’s CFO as a peer — a sounding board on priorities, approach and the practical demands of the role. The reconciliation work surfaced a clearer view of how the group’s systems and processes were operating in practice; observations were documented and handed over with supporting evidence for the client to investigate and act on, and several were taken up with the system vendor directly.
Introducing forward-looking tools: Waypost built a three-way forecast model linking profit and loss, balance sheet and cash flow, together with a finance dashboard. With the underlying position substantiated, the same numbers could be used to look forward, not just to explain the past.
Building resources the team keeps: Procedures, user guides and coding guidance were developed for the finance team — written to be used and maintained in-house, so the disciplines established during the engagement continue without external support.
Supporting the audit: Waypost prepared working papers and supporting evidence in the form an auditor works from, and continues to assist the CFO with audit requirements as fieldwork progresses.
The CFO has a reconciled balance sheet supported by evidence, and a level of detail about the group’s finances and systems that supports both the audit and day-to-day decision-making. Matters raised through the engagement have been taken up by the client and have informed new processes, procedures and safeguards — improvements the business identified and owns.
The forecast model and dashboard give the finance function a forward view alongside the historical one, and the documented procedures give the team the basis to keep the reconciliation disciplines in place. The engagement is ongoing, with Waypost continuing to support the CFO across the remaining finance workstreams and through the audit.
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