Accounting and Fractional CFO Services for PE-Backed Portfolio Companies
Cypher provides private equity accounting and fractional CFO support for lower middle market portfolio companies. Our embedded finance team strengthens cash-flow visibility, financial reporting and post-acquisition accounting from close through exit preparation.
Portfolio-company accounting and reporting, not fund administration.
Books
Close & controls
CFO
Planning & cash flow
M&A
Accounting integration
Reporting
Board & investors
The portfolio company, not the fund
Cypher works inside the portfolio company: the books, the close, the controls and the reporting a sponsor relies on. Fund administration and fund-level accounting stay with the fund's own administrator, and valuation, quality of earnings, audit and legal work stays with the independent specialist that performs it.
The gap at acquisition
Most portcos at acquisition aren't built for what you need from them.
Whether the finance function is missing entirely or simply wasn't built for board-level scrutiny, add-on activity, or exit, the gap shows up fast. Cypher closes it, so you can focus on value creation instead of firefighting.
Five areas of portfolio-company finance we work on
Where Cypher works, from close to exit
Cash conversion
AR aging, DSO reduction, collections.
Cash flow discipline
Controls and free cash flow visibility.
P&L integrity
Revenue leakage, billing gaps, opex drift.
Reporting infrastructure
Board-ready financials and KPI dashboards.
Exit readiness
Controls, free cash flow visibility, support for the records a buyer or auditor will review, and normalized EBITDA support.
How an engagement runs
Address the records first, then the controls and reporting.
The sequence below is how the work is ordered, not a fixed timetable. Each phase is scoped with the portfolio company and its sponsor, and depends on the state of the records and the systems in place.
Phase one · Reset
Records and cash visibility
Review the finance function, agree what has to change first, then rebuild bookkeeping, the month-end close and cash reporting from the state the company is actually in.
Phase two · Tighten
Controls and reporting
Put internal controls and the P&L and working capital reporting in place, with who prepares, who reviews and who signs off agreed with the sponsor and management.
Phase three · Sustain
Reporting cadence and readiness
Run the recurring close and board package, keep the budget and forecast current, and organize the records a lender, buyer or auditor will ask for.
What we bring
A full finance team, from books to board
Portfolio Company Accounting and Financial Reporting
Bookkeeping, month-end close, internal controls, consolidation and the financial reporting a board can rely on.
Post-Acquisition Integration and M&A Accounting
Opening balance sheet, alignment to the platform chart of accounts, add-on integration and consolidation. Purchase price allocation and quality of earnings work is performed by the independent specialist and coordinated by Cypher.
Fractional CFO Support for PE-Backed Companies
Cash and working capital visibility, budgeting and forecasting, board representation, sponsor-facing reporting and strategic advisory.
Partner ecosystem
Legal and compliance, sales tax advisory, tech integration, coordinated by Cypher.
Why PE sponsors choose Cypher
How we work with sponsors and portfolio companies
No search required. Embedded finance support without the delay and cost of a full-time hire.
M&A accounting depth. Opening balance sheets, consolidation and exit preparation across the deal lifecycle, with purchase price allocation and quality of earnings work coordinated through the independent specialists who perform it.
PE-native experience. Our work is scoped around portfolio-company accounting, sponsor reporting and add-on integration.
Coordinated specialists. Where a company needs legal, tax or systems work, Cypher coordinates it. That engagement stays with the firm that performs it.
Consistent reporting. A defined close calendar, reporting package and KPI set for each portfolio company we work with.
Install the finance function the deal needs, at the company that needs it.
Whether the finance function is missing or simply wasn't built for board scrutiny or add-on activity, Cypher puts the close, controls and reporting in place, then supports the accounting through integration and exit preparation. Reporting is scoped company by company, so each portfolio company keeps its own records and its own finance relationship.
Common questions
Private equity accounting and portfolio company CFO questions
What accounting support do PE-backed portfolio companies need after acquisition?
Most portfolio companies need the finance basics working first: timely bookkeeping, a clean month-end close, internal controls and financial reporting a board can rely on. Cypher runs that work with an embedded team and adds technical accounting, consolidation and post-acquisition integration support where the deal created the need.
Can Cypher provide a fractional CFO for a portfolio company?
Yes. Cypher provides fractional CFO leadership for lower middle market portfolio companies: cash and working capital visibility, budgeting and forecasting, board reporting and sponsor-facing support. It can run alongside the accounting team or as the finance lead for a portfolio company that does not have one.
How do you support add-on acquisitions?
Cypher handles the accounting and integration work that follows an add-on: opening balance sheet cleanup, alignment to the platform chart of accounts, and consolidation across entities. Purchase price allocation and quality of earnings work is coordinated with the relevant specialist where a transaction needs it.
How do you prepare portfolio-company financials for diligence and exit?
Cypher prepares the reporting a buyer or investor will review: consistently closed books, normalized EBITDA support, KPI and board reporting, and an organized data room package. Audit and valuation work is coordinated through Cypher's partner network where a transaction requires it.
Portfolio finance, built for the deal lifecycle.
Bring Cypher into a portfolio company's finance function, from the close through add-ons and exit preparation. Each company is scoped and reported separately.
Partner With Cypher