Controller and Director of Financial Planning and Analysis
SVA Life Sciences began working with this U.S. based clinical-stage biopharmaceutical company upon their completed acquisition of four European biotech entities. They needed to translate the financial information of these acquired entities into a consolidated book of financial statements. They had also just completed their IPO requiring the need to report consolidated financial statements.
Finally, the company decided to make some early moves in the process of transitioning from a clinical stage company to a commercial company by upgrading from QuickBooks to a financial platform. One that would adapt to their growing business needs and sophistication as well as be flexible enough to allow for long-term growth as the business matures.
SVA worked with the finance team to create the right business and entity configuration, develop the business structure, create a chart of accounts, and implement these business processes in a cost-effective and scalable solution – the Acumatica ERP platform configured for Emerging Life Science. This allowed their finance team on a monthly basis to extract financial data from foreign entity systems, import into their ERP platform, translate into U.S. dollars and consolidate the data for financial reporting.
SVA and the finance team completed the project within 45 days hitting the deadline for generating the first consolidated financial statements. The project enabled the client to produce electronic payments to vendors, manage their financial assets and depreciation, and produce budget and variance reports. This was all done within a business system positioned for growth as the company evolved through clinical development to commercialization.