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Ten CFOs to Watch in 2010: Michael Bolton

Ten CFOs to Watch in 2010: Michael Bolton - top government contractors - best government contracting event

michael boltonPresent: Chief financial officer of ACS' Government Solutions Group
Career highlights:
Began career with Arthur Andersen's government audit and consulting group. Prior to arriving at ACS served as CFO of Serco North America, which he helped grow from $180 to $700 million, and vice president of finance of DynCorp's systems and solutions division, which grew from $200 to $300 million under Bolton's watch.
Personal:
Bolton is a Virginia Tech Hokie fan, coaches lacrosse, and enjoys spending down time with his family at Myrtle Beach.

2010 Tips:

  • Take another look at process improvement. “I'm a big believer in process improvement, especially in these economic times. We've been looking at a lot of ways to make our accounting and transactional processes better and more efficient.
  • Devote extra time to forecasting. “When you're a $1.9 billion group, as we are, you want your forecasts as tight and accurate as possible. We've created tracker systems that give us early warnings if there's any kind of revenue, EBIT or cash problem. We're getting into more developmental contracts [Medicaid systems] and we're putting controls in place to track and monitor them to ensure we're operating as efficiently as possible.“
  • Standardize accounting practices. “My group includes more than 200 people. Finance, accounting, contracts, and pricing all report to me. We standardize as much as we can. We look at each group's best practices, and then implement the best ones in all locations.“

Full Interview:

ExecutiveBiz: Your federal business' noncompete agreement with Lockheed Martin ended a little over a year ago. How has that affected your work?

Michael Bolton: We've been instituting Federal Government compliant procedures and working to improve processes. I'm a big believer in process improvement, especially in these economic times. So, we've been amending disclosure statements and preparing rate models. We've also been combining three different accounting groups into a single group based in Germantown, Md. This is part of our effort to make our overal  Federal accounting and transactional processes better.

ExecutiveBiz: The ACS ““ Xerox acquisition is expected be finalized soon, correct?

Michael Bolton: Yes, in early February.  This is a game-changing deal for both companies, to be sure. Together, this will be a $22 billion dollar global corporation with $17 billion in recurring revenue. The transaction creates a single provider to help governments reduce costs, improve processes, manage information and ultimately better serve their constituents. With that in mind, we'll want to take advantage of all the strengths that Xerox brings to us and we bring to them. I'm very excited about that.

ExecutiveBiz: What new offerings might we see from this merger?

Michael Bolton: The sweet spot will be at the intersection of document management and business process outsourcing I'm also really looking forward to being able to expand some of the services that we do in the United States, abroad. The Xerox connections, particularly in Europe, will be very, very helpful in enabling us to grow. They have strong research and development, and tools component. So, we can now combine our services and business processing expertise with better tools to provide solutions on behalf of our clients. That's exciting.

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