I once worked for a company that was never able to fully close their monthly books, let alone year end.
Yeah, that was the company where the police came in, arrested the CEO and dragged him out in cuffs.
The stories I could tell about that place.
Please do share. Our F&A group busts their ass every month to close the month on time. Hats off to them. Month to month isn't so bad for my part of the organization. Year end though... Fuck them all
Loads of stories, not sure which I can share but I'll do the ones that are out in the public due to the court hearing
- They were never able to close their books
- Towards the end of my stay there I would look at the accounts and know they did not have enough to cover payroll. Then on payday magically, money would appear from nowhere. I'd look in other accounts for a transfer or something but no, the money just appeared. This was the main reason I left, I figured eventually they'd get to the point where the money would no longer magically appear for payroll. Sure enough a few months after I left they bounced their entire payroll.
- In look through their CoA there were some account codes that I couldn't find anyone who knew what they were for, but they had regular activity
- I once came into work and was told not to touch my computer at all until 5pm. Because they had sold all our equipment to one of our child companies for the day and then they would sell them back to us at day's end. I guess not touching the computer was a legal technicality.
- We had a hosted solution that we paid more for than most F500s pay for their architecture. We had one of the biggest SANs of the time in the entire country though no one could tell me why we'd even need a SAN let alone such a huge one. Came to find out later the CEO owned substantial amounts of both the hosting company and the SAN company
- I lost like 40% of my 401k there. Because they ended up going bankrupt.
- we ended up going without a CFO, at all, because no CFO would sign off on the books. There was a person in charge but was the VP of IT.
Loads more and worse stuff but this is the stuff I can share.