Phone: (203) 748-0142
Fax: (203) 748-0155

Examples of
MJL Resources' Solutions

(All clients ranging from start-up/smaller entities to $40+MM in Sales.)

1. Situation:

Importer and Distributor of consumer products that did nothave a CFO or Controller. Client required an experienced CFO to review financial, operational and IT practices because he felt there were missed savings and inefficiencies that he did not see but felt existed.

Plan: Conduct a quick and thorough Operations review on Financial and Inventory practices and IT Information Flow.

Some of the Results: IT Needs Analysis revealed severely restricted flow of information: MJL Resources researched and provided 4 possible solutions with a recommendation that included a savings of approximately 50% on cost of purchase and implementation. This system has operated well since its implementation.

2. Situation:

Manufacturer of high tech laser machines losing their permanent CFO. Substantially improve realization of accounts receivables and finance group which is not performing up to standard.

Plan: Identify problem receivables, inquire with Accounting Department personnel as to their roles and direct what changes are to take place; assign tasks to manage cash flow and general ledger with new procedures; identify inadequate department performers.

Results: Within a short period of time receivables realization was performing close or at due date, an improvement of between 30 and 120 days on most receivables. CEO specifically pointed to that as helpful in sustaining the all important company liquidity. 

3. Situation:

Manufacturer of components for airplane industry wishes to reduce its Auditing cost for a certified audit. They did not have a CFO. In addition, due to company expansion they need to increase fixed asset acquisitions of company wide office furniture

Plan: To become the client liaison to their accounting firm, obtain prior year work papers, obtain current year program and deliver audit supporting materials. Recommend avenue of purchase for fixed asset addition.

Results: Audit support schedules and documents completed on time and to CPA firm satisfaction with an overall savings to the client of approximately 40% of what the Accounting Fee would have been had the CPA firm performed all the tasks. 

4. Situation*

Internet based software company required all standard financial and administrative infrastructure components. Initial consulting requirements were: formation of Accounting Department able to deliver financial policies, procedures and statements/reports on a presumed IPO standard and creation of HR Department, management and policies in order to position the company for investor funding.

Plan: Write and establish all Accounting and HR policies and procedures; develop Finance/Adm department; develop a benefits environment conducive to hiring quality employees.

Some of the Results: Three years of high level Financial Statements produced; Staff of up to 10 individuals selected, trained and within their areas of responsibility managed independently. MJL Resources selected and implemented Accounting Software.

5. Situation*

Software Development company that produced back office software for Insurance industry. Initial consultation requirements were: To give CEO strong Financial, Administrative and Operational support so that he may increase company value and then affect a sale of his company.

Plan: Provide in the beginning phase Temporary CFO service. MJL Resources is to support CEO by improving overall profit and deliver M&A capabilities and provide more active financial analysis support and leadership for COO/EVP during his drive to increase revenue and company value.

Some of the Results: Created and managed budgetary accountability process for all interdependent departments. 

6. Situation

IT services company did not have a CFO and growth was substantial. Company needed an outsourced CFO to provide an assessment on accounting transactions and informational flow. Moreover, there was a need to help the CEO find, assess and engage a new accounting firm and finally assist in finding and analyzing potential acquisition targets. All of this is to be completed on a cost effective basis.

Plan: Conduct a hybrid Operational and Internal Control evaluation, include observations, sampling and interviews to obtain relevant transaction detail. Utilize known contacts within the accounting industry to narrow down the choices to best fit the client need.

Results: An 11 page document identifying over 30 separate weaknesses with 30 separate recommendations that are being implemented as needed. 

7. Situation

Small plastics manufacturer with an outdated operational and financial software application.

Plan: Identify important company metrics that management wishes to monitor on a daily, weekly and monthly basis and match to appropriate software.

Solution: Perform a needs analysis not only outlining the kind of software that is needed but providing information in the form of an operations review identifying areas of financial and operational improvements. Resulting application software selected was in use for many years subsequent to its selection and implementation. Ultimate cost to purchase and implement was less than product previously earmarked by management.

For additional Michael Leiter and MJL Resource solutions please click on Achievements section.

*Situation started as a Consulting engagement and evolved into
semi-permanent position