Handover Planning for New Controller Veronica

Yeah, okay, so many changes. Okay, again, Lottie, uh, thanks for joining this meeting. Um, let's introduce ourselves. Do you want to start first?

Oh, uh, sure.

I'm—

yeah, so I'm Lottie. I'm on the CRU side of things. I've been with CRU for 2 years now and been on Avon for 2 years as well. It was probably one of my first clients when I got here.

Right, right. So you know inside out, hopefully, as much as I can. Okay, so you're, you're my best person. Um, and anything else?

No, um, not too much. It's just, yeah, I've been working with JD. He's been great. So we've been doing their books, and then, you know, as you know, with Versus Hell and HCR, as they came on board Then we have a team of— now the team's gotten bigger, probably like 6 people on ours, 5 or 6 because Jenny is out on our side helping with AP matching, all sorts of things. If I can't answer, hopefully someone on our team will at least do the process, things like that.

Yes, indeed. Appreciate you made the introduction. I'm going to introduce myself. My name is Veronica, I'm Maria Veronica Barayas. JD to call me Veronica because Marias, there are a lot in Latin America. I'm from Argentina. So yeah, yeah, I have been working almost 5 years as a remote contractor, mostly serving as a controller. And I joined, well, the 1st of April, so it's 1, 2 days now. Yeah. So I'm looking forward to, to transition the activities. Um, likely it will be you, with you and the rest of the team. So ideally I prepared like a, um, a planning that I would like to discuss with you and where will be the best, uh, to start with my impression is that probably I will ask to go through bank reconciliations because that's part of the daily operations. And by doing the bank reconciliations, you start to get to know the company.

Yes.

Unless you think something different, but I would like to start there. And maybe whoever prepares the bank reconciliation has one day with me to show me how he does it. He or she reconciles, not in terms of how it is done in QuickBooks, but how to look for any transaction that needs to be matched or where the information needs to be validated, etc., etc., if that is okay.

Yeah, um, yeah, I think they just— yeah, when you have specific questions, I think then they'll be able to help you with the answers there. So it's our India team that does the bank reconciliations, and so they're mainly like, they, they'll match, uh, look into things. Um, the other thing that might be helpful for you is also bill.com with our AP, because that's essentially where I think that's the easiest place to learn all the ins and outs all the processings, what kind of invoices, expenses go through, things like that.

Agree, agree. And I think I still have pending the access, so if you think that we can wait on the bank reconciliation till I got the access to bill.com, that's fine.

Um, yeah, Lottie, really quickly, are you able to give Veronica access to the bill.com instance? Um, or does that need to be me?

It most likely has to be you because I don't think I have, um, admin access.

Okay, I'll, uh, I'll do that in the background while this is— while you guys are talking.

Okay.

Okay. Um, Lottie, one question. You mentioned about, um, that India team, if I did understand correctly, so they are working another time zone. Are they able to schedule calls in PST time? I think it should be the agreement, but just checking with you, do I need to? And then can you confirm who will be those people? Because I already created like a tentative calendar for each of the topics. I may share with you so you can say, okay, this must be the the best person to go through each activity and the time zone. Okay, yes.

So for— let me just find it real quick. So for, um, Avon and Versatile, Jatin is gonna be the associate there, and he works from 4 AM PST to 1 PM PST.

4 AM PST to 4 PM—

no, 1 PM.

Ah, 1 PM. So 1 PM PST.

And then for HDR, Daraj would be the associate there, and he works from 3:30 AM to 12:30 PM PST.

Those are the teams in the associate. It should be the India team, right? Remember? And then you can provide me, instead of taking notes, it's not like you're here, the name. I will send you like a schedule and maybe you can add the name and the best time zone. Even though I took note, I better reconfirm with you on that so I can start scheduling those meetings, provided that I think it's agreed. So in terms of, is there any other members that are working in U.S. that I need to contact besides you, or you might Who will be my point of contact?

I will most likely be your point of contact, but we do have managers for each. We have, we have a different manager for HDR, VersaTal, and Avon on the US side. Um, so I can put you in contact with them, or depending on the question, I may be able to answer it as well.

Okay, so this means, pardon me if I'm I'm wrong, uh, depending on each company, you have a manager that supervises, but, um, so it's kind of a different layout. I— you will be consolidating somehow the contact, but the reviews and the processes are in different persons, right?

Yes.

Okay, okay.

So like the daily items of like AP Um, AR. So the daily items like that, matching AP, matching invoices, and then like basically a lot of the like work of preparing some of the more basic schedules is going to be our— is going to be our India associate. And then maybe the more complicated schedules and then reviewing is going to be our managers. And then I will review everything at the end as well as coordinate with JD if there's anything that needs needs to be fixed, adjusted, um, as well as anything that is just confusing for our team. I'm usually the person that'll help out, figure things out, look into things.

Okay, so basically— sorry to interrupt— so you will be the final, uh, review and kind of doing the final control before sending? Okay, got it. Thank you for the clarification. And, um, well, it looks like kind of complex on how to think about, um, to schedule those calls. Uh, what would be your recommendation? I will be fine if I have those meetings directly with them. Need to invite you in those meetings?

I don't think you necessarily need to invite me. It really just depends on what you're looking for. And like, if you're looking just for process and steps, um, they can guide you through all of that. And then if it's more of— if they're not able to, or if there's any sort of like reasoning or historical things, again, depending, they may have the answers or I may have the answers.

Yes. And when it comes to month-end particular entries like complex leases and depreciation, fixed asset Because I saw throughout the month-end calendar, there are kind of— I think one of them that concerns me the most is Silverco, which has the longest checklist and kind of a complexity there. Yeah, I saw some complexity on each of the tasks. Who will be my best guess?

You can probably go to me for those questions first. If I'm not certain the process, I'll ask our managers. But usually I should know what's going on and what's happening there. The other reason why the task list may also seem long is because we add every single checklist item that maybe came up as something that we missed before. So we'll just add it in as something that we just need to double-check. They may be like very small items, for example, like One of them I think is like one of the P&L accounts, like for something, something. It's like, just make sure the GL account is zero, you know, just making sure we don't have— So it's those little things that we add on because we'll notice like, oh, you know, like JD or auditor, someone asked, and we just want to make sure we don't make that mistake again.

Okay, okay, sounds reasonable. And in regards to one of my big questions would be, do you keep like a standard ISO throughout the month-end flows, like a standard folder naming, et cetera? Do you keep a strict kind of standard naming? I guess what is— I can see is that you respect that. How do you do, for example, you duplicate prior month folder and then you change the name as you— because I feel like March is holding February naming, which I presume you do. Okay, okay. And how do you ensure anything that is not being updated you change it, how do you make sure it's, it's not messed up?

So, so yes, we copy over the February folder to March, we leave everything in there, and then I have my team create— um, you'll see at the very end it's usually 26.02, so that way it's February. And then from when they've created the March file, it'll be 26.03. And then I have them keep the older files in there just so that way when I'm reviewing if there's anything I need to look at, I can easily open up the previous months to compare to, one, as well as two, I can see if there's any files that have not yet been updated. Because whenever I, for me, whenever someone starts with a blank folder, it's like, oh, well, we don't know if there's a certain file from the previous month that was missing. So I prefer them just to copy the entire folder and then we can see if there's any file specifically that hasn't been updated.

Yeah, it seems after reviewing the folders, it seems like so. I wanted to make sure how you make sure that everything, let's say, from prior months has been done exactly the same for March. If there is any new, of course there should be a new, but that's something that I wanted to check with you. You are updating the Mountain calendar in general, right?

The team is, yeah.

The team, yeah. And sorry, I have to— I have my written question. Okay, um, so I saw in the calendar that, uh, Jeannie, Jatin, You are the tax owner and the reviewers, you and Jeanne. You mentioned throughout the call that there are 6 people. So this means I would like to understand your current setup. Maybe later if you can provide an updated list of people so I can understand the, the How would be my— how should I list those transactions to understand the volume? Who, who, how many people is involved, right? If you know what I mean. I'm trying to, um, it's not just I want to, um, kind of discuss about it, just to understand, okay? And see how I should structure internally those tasks. If you can provide that by email in an after-hour call in more detail, it will be very, very helpful. And probably the seniority, because I need to understand if it's a junior, it's a senior, um, this type of things.

Okay.

Probably will like, and the FTE allocated to each of them. Okay, how much of the— what, uh, the FTE I call the portion of the time of that person allocated is 20% of that time, his or her time. I think it's a shared resource, so likely how much of that resource is allocated to either Avon or either HPR, right? Um, the only thing, maybe later I will send you the proposed calendar and then share that. I can get the insights from that from you. Um, one of the things that I didn't find in the month-end calendar is the tab for HDR. I think I'm not so sure why in the month-end calendar I couldn't find it.

So we have a separate checklist for Avon HDR and Versatile.

Yeah, but I think I only shared with you the Avon specifically.

Oh, okay, okay. So I have another task list, a month-end calendar that I did not receive?

Yes, that's correct. I think they're generally pretty similar, but there are some specifics for each company. But generally, the, the checklist is going to be more or less the same for each company with some specific nuance.

Okay, well, you clarify that. Okay, um, okay, I think, um, JD did it and Lottie. This was more an introduction, uh, call and see how we can structure, um, the whole handover process and meetings. So I will send you a proposed one, and if you can put there the names are the best person to address with me at the time. I think I took the time and the time zone and hours available, but yet if there are more people involved, I need to invite them as well. So if you can provide their contact names and details so I can send the invites and likely let them know, and I think they are one, then I will be sending those invites. Yeah, is that okay?

Oh yeah, absolutely. And, um, most likely it'll be me instead of— so Jenny is out on maternity leave, which is why we have 3 separate managers currently that are covering for her. So like I said, they may have more of like the process in regards of how to do each item, but like historical and any other questions like that, it'll most likely be me. So I can sit in on those conversations as well, just in case there's any, um, historical questions.

Right, right. I think I will start with the most operational ones because I would rather— as I mentioned to JD, I would like to start taking over the daily, which is by doing your daily bank recs and checking bill, uploading videos, you'll get to know the company better, those type of things. But, um, again, if you feel like it's too much or it will be kind of complex to do it, just let me know. I will send you the post calendar and activity. Okay.

Yeah. Yes, yes.

Um, yes, go ahead.

I was gonna say, just, yeah, I guess These questions can come after you meet with the team, just letting us know when this switch-off is going to happen, just so that way there's not duplicate work happening, but we can figure that out later.

Yes, in the, in the project, in the handover project, I have like 3 phases whereby the first phase would be more understanding the operations and taking over slowly. The second phase is kind of a war shadow And the third will be like a reverse word shadow where I will be doing and then you reviewing. So you make sure that I understood from the second phase what needs to be done and you validate that I don't make significant mistakes during and check that I understood the process. And then after completing that portion, then we'll be ready. I will be Riley to take, um, and do the final cutoff. Okay, so then it will be— I've always done that way, so I hope it works.

Okay, okay, sounds good. Fantastic.

Um, JD, I'm, I'm okay. Uh, you want to ask anything or have any doubts?

No, I, I, I, it all sounds, it all sounds reasonable. Um, I would say that I shared some information with Veronica. It's not like the closing checklist for Avon, just to give her an idea of kind of what everything looked like. Um, Lottie, if there's additional folders that, I mean, I know there's an HDR Universal, if you can share that with her too, just so she has visibility into it. Um, and then I know just to clarify for Veronica's perspective, Sounds like what was— Jenny was handling all 3 of those kind of— she was managing the 3 accounts, but because she's on maternity, there's been 3 separate people. So in the past, one person has done this. So is it— I think I heard in your voice, Veronica, that it sounded like it was— this was going to be a lot more labor intensive than you expected it to be. But I I think this is, um, I don't think it is as cumbersome as it sounds. It just, it's kind of the nature of how things have played out over the last couple of months because of who is originally assigned to it. So like Lottie said, there is a lot of duplicate, um, closing items that when you do it for one, you'll have done it for all of them, all the companies. Um, so I like where your head's at. I like the idea of getting kind of into, um, into the speed or the, the regular like day-to-day stuff and then work from there. Um, and then yeah, I think scheduling that makes sense. In terms of access, I believe I sent you, um, the bill.com invites. Can you confirm that you received them in your email?

Give me a second. Yeah, here. Activate your—

okay, good.

I receive it. I'll let you know if I have any issues. And, and JD, rest assured, it's not my intention to overreact on, on—

no, no, I know, it's just not understanding how, how things should work.

Once the 100 words complete. So rest assured I'm not overreacting on that. Okay.

No, I, uh, I just wanted to clarify and make sure that it was— we were all on the same page. Um, Lottie, really quickly before we jump off, um, I made that journal entry in two-family, and I think there might be a similar one for NCNT. So I'll let you know what I find, because like you— like we were saying, that sum total number for the depreciation, unless the assets are matching, but the way we were getting there were different. Um, so I'm basically making the changes as of 12:31:25, and then going forward we'll, we'll use the new schedule, um, using that. So I'll let you know when I have a proposed NCNT one, and then I'll send you an email to confirm.

Um, sounds good.

And then Veronica, I've got a couple of access-related items that I wanted to, um, talk to you, but Lottie doesn't need to be on the call. We can give her some time back. So Lottie, if you have— unless you have anything else, you're free to jump off.

No, I'm good. All right, thank you. Nice to meet you. Thank you.

Thank you.

Thank you. Bye-bye.

Okay, um, did you get an email for RingCentral, um, getting access to that phone number?

I received it. Um, I'm— after I finish with you, I will start to set— I received from Silverco deal. And yes, Rental and RingCentral as well.

Okay. And then I'm still working on getting you the Zendesk bank account access.

Yeah.

So Zendesk, that one was sent to you by mistake. Oh, I wouldn't— I wouldn't— that one is our billing-focused, our AR-focused one. And you shouldn't need access to that email yet. There may be a time where you just need oversight, but that is more for customer interface, not necessarily for—

Yes, yes, I already sent this, so I was surprised to receive it.

That was sent to you by mistake, so you can ignore that one for the time being.

Okay.

And then once you have your— Sorry, go ahead.

No, once I have the ring, I will be able to Set up your accounts.

Yeah, perfect. Okay, I will, um, I'm gonna send you bank account login, I think, today for one of the accounts, and the other ones we need to get you access as well. Um, and I haven't heard back from our administrator from the bank yet, so hopefully we get that some point soon.

Okay, uh, then for month end, if you can share or point me where is HDR month-end close? Because I, I was looking and, and now I realized based on what you said that I was missing one company.

I think Lottie is going to send that to you. Um, um, okay.

I thought you said you, you, you would. Um, no problem.

Yeah, she doesn't— the shared drive, uh, it is a shared drive. Um, let me see here.

Uh, because it should be part of any shared drive.

Here it is. Here it is right here. I can share this. Um, view members. I don't know. How can I show—

I don't know why suddenly I cannot access. I'm trying to refresh.

Can you not access Avon anymore?

No, suddenly they— maybe I'm logged out.

Yeah, it also looks like I may not be able to share it. I can view members and I can settings. They may have— yeah, I think Lottie may have to share this with you. I'll shoot her a quick email just asking her to confirm that that access gets sent over for the 3 entities.

I'm going to check what happened because right now, give me a second. See, I'm refreshing. You see my screen?

Yeah, I can, I can see it.

Uh, I have—

oh no, I can't. No, uh, your screen went away.

Oh, something is, is happening.

Yeah, I think they must have changed it. Um, I don't know why. They did that.

See, I refresh and nothing comes in.

I will send an email and ask them to share it. They may have to just do it from there because they're the master owner of the folder. That might be why.

Oh, okay. Okay. Okay.

Great. Great. Good. And the other one, it should have up here. Okay. What the HDR, right? The same case.

Yeah, there should be an HDR one as well. Um, okay. So I'm going to, I think I'll be able to get one bank account access for you, um, today, but hopefully the other ones come in by tomorrow.

Okay. Great.

Yeah.

Fantastic.

And then you should have Bill.com. You should have a phone number through RingCentral now. Um, and then as other things come up, I will try to jump on those.

Fantastic. I think I have quite a few things to finish for today.

Perfect.

Thank you.

Thank you for time.

You too.

Bye.