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Stephen Helfrich

CFO/Consultant

In Transition/Consulting/Interim CFO

Entrepreneurial minded and process-oriented CFO with more than 25 years of experience assisting middle market companies construct the policies, procedures and infrastructure required for them to profitably scale for rapid growth. Led the implementation of a new ERP system, corrected GAAP deficiencies, improved strategic planning and developed modeling and budgeting processes while leading an IT Solutions and Professional Services firm to consistent profitability. Developed and honed cost cutting and reduction skills while developing processes and leading cross-functional teams for a discrete manufacturer in the Tool & Die Industry.

Specialties
Revenue recognition - I have over 20 years of experience with project and job costing systems, percentage-of-completion revenue recognition and SOP 97-2 and I have corrected GAAP deficiencies related to SOP 97-2 for companies at which I've worked; ERP systems implementation - I was the Sr. Management sponsor to the Board of Directors on the successful implementation of an ERP System for a company in the systems integration, software development and professional services industries.

Experience Includes:
• Corporate Financial Management – financial projections, budgeting, financial reporting, risk management, FX hedging, IT planning, CAPX budgeting, leasing, outsourcing and benefit plan management.
• Business Change Management – formation of new businesses, negotiation and development of buy/sell agreements, downsizing and process re-engineering.
• Consultant to Board of Directors – attended full quarterly corporate Board Meetings as an inside advisor.
• Strategic and Operational Planning – development of strategic corporate direction along with financial objectives and operating policies and procedures.
• Relationship Management – management of relationships with banks, insurance brokers and agents, accountants, leasing agents, law firms, information system consultant and business system software vendor.
• Staff Management – organizational planning and scheduling of work assignments, including the supervision and training of staff.

 

Experience

Consultant/Interim CFO : CQ, Inc. - [2008-08 to Current]
Providing CFO services on a consulting basis including the development of financial statements, building of financial models, creating monthly cash projections, preparation of product costing studies and market pricing studies that resulted in annual savings of over $75,000, research of GAAP issues, and reconstruction of the chart of accounts.

Consultant/Interim CFO : McClymonds Supply & Transit - [2008-04 to 2008-07]
Served as Interim CFO reporting to the Owner during a leave of absence for the incumbent CFO. Identified and corrected several internal and external reporting errors including the failure to file Form 5500’s for multiple employee benefit plans since 2003.

CFO : CTR Systems, Inc. - [2000-03 to 2007-08]
Joined the Company at a pivotal time in its history and worked closely with the business owners to restructure the financial and administrative functions of the business. Actions undertaken included:
• Negotiated settlement on $6 million in liabilities resulting from unpaid sales taxes
• Helped grow EBITDA from near break-even levels upon starting with the Company to over $2.5 million in four and a half years.
• Senior executive sponsor of a project team that implemented a new ERP system and developed a project accounting system that did not previously exist.
• Created a passive foreign currency hedging program that saved $50,000 in its first year.
• Restructured the Fleet Management Program which led to $150,000 in annual savings.
• Created analyses of field service operations in order to identify unprofitable business regions.
• Led a cost reduction and downsizing effort that generated $130,000 in annual savings.

CFO : GPX, Inc. - [1999-10 to 2000-03]
Assisted the business owner in the development and implementation of strategic operating plans that returned the business to profitability through reductions in staff and underperforming assets. Developed accounting processes, established internal controls and formulated policies in order to improve staff efficiency and financial information. Changed the Company’s accounting package from a DOS platform to a Window’s platform to improve productivity and achieve Y2K compliance.

Corporate Controller : Oberg Industries, Inc. - [1991-07 to 1998-09]
Managed the Corporate Accounting department, supervised a staff of 5 in the preparation of the monthly financial statements, prepared monthly MD&A reports, developed three-year budgeting models, managed a $3 million technology leasing program and established accounting policies and procedures. Accomplishments include:
• Served as Chairman of the company’s Suggestion Committee and in the first year doubled the number of suggestions received. This effort resulted in $50,000 of increased annual savings for the Company.
• Re-engineered cash receipts to automatically post to accounts receivable from downloaded bank files, thereby reducing staff and saving $25,000 annually.
• Led a project that successfully outsourced corporate payroll processing and provided software to support the corporate HR function.
• Served as a member of a five person team to select an ERP system that would integrate the accounting and manufacturing systems and achieve year 2000 compliance.

Audit Manager : Ernst & Young - [1985-02 to 1991-07]

 

Education

MBA, Management Analysis : Drexel University - [1982 to 1984]

BSBA, Accounting : Shippensburg University of Pennsylvania - [1977 to 1981]