Financial Consulting and Accounting; Interview with David Lewis, CEO of 8020 Consulting

If you need assistance in financial consulting, interim financial management, or promoting a major financial or accounting project, 8020 consulting It’s one of the best companies to ask. In this interview with TechBullion, CEO David Lewis provides more insight into the company’s mission and how it helps companies survive the COVID-19 pandemic crisis and financial challenges. I will.

Tell us more about yourself.

My name is David Lewis. I am the CEO of 8020 Consulting. I’m the CEO or founding partner of five, one family-owned company with 600 people, three successful start-ups in executive search, consulting, and financial project execution, and a venture capital-backed software development company. I have come. My last startup has grown into a consulting and executive services company with 300 people in seven and a half years. During his tenure, the company worked with a variety of companies, from Fortune 500 companies to venture capital-backed start-ups. I have fairly deep professional expertise in creating and implementing accountability systems, planning, finance, recruitment and development, and key executive coaching. He holds a bachelor’s and master’s degree in economics from Georgetown University in Washington, DC.

What is 8020 Consulting and what is your mission?

8020 Consulting is a Los Angeles-based financial and accounting consulting firm. We believe in applying financial analysis and reporting tools to every aspect of our business operations, and ultimately focus on 20% of the work that will have an 80% impact. Names.

To serve our clients, we have built a team of accounting and finance professionals who apply focus, objectivity, and excellent academic and professional qualifications. Our business model also encourages and rewards individual initiatives and creativity, requiring clients to achieve better results at the end of each engagement.

What major financial and accounting services do you offer?

We provide financial project execution and interim financial management services.

Clients of our final project execution services use our consulting teams to build on existing teams and drive important initiatives that require expertise not found in-house. It offers a wide range of project services, but is generally categorized as follows:

  • Financial Planning and Analysis: These projects range from complex financial models to readjustment of key business tools such as compensation plans.
  • Financial Reporting and Accounting: These projects include SEC reporting, implementation of FASB standards, and expedited preparation for month-end closing and external audits.
  • IPO Preparation and Public Company Support: These projects focus on companies preparing public offerings and providing post-publication support.
  • Financial Systems: These projects extend to system selection, implementation, training, optimization and integration.
  • Finance Project Management: These projects focus on promoting special projects in finance and accounting functions that require specialized project managers.
  • M & A Consulting & Due Diligence Support: These projects can be buy-side or sell-side and typically focus on coordination and communication between the target company and potential acquirers.
  • Financial Turnaround and Restructuring: These projects focus on helping companies deal with the rough, from improving cash flow to adjusting pricing strategies and analyzing to support creditor negotiations. Various strategies may need to be implemented, up to the provision of rigor.

Interim financial management clients use our consultants when key financial managers and manager transitions, or when the next hire is unclear. Our consultants can fill these gaps, maintain continuity, realign the roles and responsibilities of job descriptions to meet business needs, and support the hiring process.

Who are your clients? Are you focusing only on high-performing companies? Are there any success stories?

Since its inception in 2013, we have worked with more than 350 companies in large and small industries, from early-stage, medium-sized markets, venture-backed companies to the well-established Fortune 500 companies. Most of our clients are in Los Angeles and Southern California and seek confidentiality regarding their work with them. However, most of our active clients choose to engage with us in multiple areas of work. The executives we work with often work with us to provide assistance when they change roles or move to a new company, and the missions they are hired to do. The focus is on accelerating achievement.

How do you support your company with key management turnover? Please tell me the walkthrough.

When a finance or accounting executive retires, a capacity issue arises for the financial organization. This usually takes 3 to 6 months to correct with full-time employment. These companies can move forward by reposting what they were doing when they hired a retired executive. Alternatively, you can make superficial changes to start the search. The problem is that you may not need to hire a copy and paste alternative. They may require specific expertise, different strategic perspectives, or executives with entirely new positions.

Third-party strategic perspectives are usually very helpful when leaving a job. When consultants deploy in these scenarios, their top priority is to maintain the continuity of existing processes, deliverables, and other day-to-day responsibilities. They then work to optimize processes and approaches within their direct authority to identify additional improvement opportunities that may not be directly controlled. Then readjust the job description for final full-time employment. If desired, they can also assist in the interview and recruitment process.

Our consultants can work in these positions as long as our clients require. This means you can maintain continuity, redesign or clean up your department before hiring, or perform process improvements in parallel with executive search. And the transfer of new employees.

How can technology help financial consulting projects with innovative financial insights that we would like to share with us from our experience at 8020 Consulting?

Technology is an important part of modern finance and accounting. Effectively selected, implemented and leveraged financial systems help organizations operate more efficiently and improve critical reporting and analysis that facilitates decision making. Systems extend to more robust enterprise resource planning (ERP) systems such as Oracle, NetSuite, and Dynamics. To Financial Planning or Enterprise Performance Management (EPM) tools such as Anaplan, Adaptive, Oracle EPBCS, Planful. To technical accounting platforms such as Softrax Revenue Manager (for ASC 606 Revenue Recognition), Lease Query or Costar (both for Lease Accounting). Plugins such as Spreadsheet Server (to connect Excel and ERP systems). There are a surprisingly wide range of platforms on the market, and it can be difficult to determine what you really need and what you find useful, or how the platforms are integrated into a particular organization.

A common mistake is for organizations to use internal resources to manage the selection and implementation of financial systems. You also need to continue to support the day-to-day requirements of a full-time role. Selection and execution is a full-time job in itself. In addition, work often does not end with launch due to training requirements, additional changes, and support needs.

We believe that hiring an external project manager who can focus on implementation in 100% of the time significantly reduces the risk of implementation failure.

How do you help businesses survive the COVID-19 pandemic crisis and financial difficulties?

This changed during the pandemic process. Initially, we moved to fully remote work and supported our clients through new processes such as applying for PPP loans and more urgent items such as more reliable cash flow forecasts.

Treasury function is important for the decision-making of high-performing organizations, and its role is further emphasized in times of extreme change. Our work does not necessarily change, but it has new importance and urgency. Clients have focused on short-term needs such as forecasting and business stabilization strategies, and have found that long-term improvements such as system implementation are well underway.

Of course, some clients we supported in more difficult replay and restructuring situations, but some were listed.

Learn more about a team of highly skilled and professional accounting and finance consultants. What is your special reason?

My partner and I have been working together as a recruiting team for 20 years and have been successful in finding highly skilled talent and fostering long-term relationships with colleagues. We have a very careful selection of recruiting activities, and unlike many consulting firms, the entire team is made up of full-time employees. Our team members can focus on ensuring the security of long-term contracts and delivering value to their clients.

Opportunity 8020 Are there any careers, investments, or partnerships available for consulting?

We are always looking for talented people with over 15 years of progressive financial or accounting experience, especially in the role of controller or CFO. We also have deep financial system experience, financial planning and analytical discipline. And I’m also interested in preparing for an IPO.

Is there any other information you would like to share with your readers today?

To our readers Insight area of ​​our website, Our team posts articles and other content related to their work. Even if you are not a finance or accounting expert, you can learn a lot from their perspectives and field experience. Financial Consulting and Accounting; Interview with David Lewis, CEO of 8020 Consulting

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