Pinnacle Ventures, a private venture capital fund, engaged Kranz Consulting to reconcile its entire accounting process after a backlog had formed. Kranz managed the company books, reconciled intercompany balances, and issued timely audit and quarterly reports that were delayed for two years. By reconciling the accounting process, Kranz eradicated all backlog and allowed Pinnacle Ventures to focus on its investments and scalability.
When Kranz was introduced to the project, deadlines were fast approaching, so the team of consultants acted quickly to create solutions in a compressed timeframe. After an initial evaluation of the client’s past accounting documents executed by a different third-party firm, Kranz focused on providing better service to deliver timely issuance of audit and quarterly reports, accurate reporting of intercompany balances, and support of operational activities.
Working together with our partner, Kranz’s objective was to manage the accounting process to enable the Pinnacle fund management team to focus on investing activities instead of debt and accounting.
The Kranz Approach
Kranz onboarded a team of consultants across various experience levels to support Pinnacle’s accounting overhaul. Under the compressed timeframe, the team of consultants acted quickly upon requests to support the new process and ensure the project was delivered on time and within budget. The first fund reports were delivered within 45 days of the project’s start.
Then, the team shifted focus to cleaning up intercompany balances and issuing second-quarter reports. Kranz implemented the LP portal Dynamo software package, allowing users to pull in fund administrator data and reconcile portfolios for increased accuracy. After discovering a two-year delay in audit reports, the Kranz team managed, executed, and issued all past and upcoming reports within the Pinnacle deadline.
- Managed company books and reconciled intercompany balances
- Implemented Dynamo for improved accuracy
- Supported an accurate audit and issued quarterly reports in a timely matter
- Created efficient processes for scalability and future use
Kranz Consulting’s expertise delivered Pinnacle Ventures with freedom from debt related activities and enabled the venture capital fund to focus on growing and investing rather than accounting.
The accounting reconciliation set Pinnacle Ventures up for a more efficient reporting process, allowing Pinnacle to focus on overall strategy and scalability. Pinnacle has continued the partnership with Kranz throughout 2021 and 2022 as a result of the project success.