Boosting resources during downsizing

Company type

Small, public

Industry

Life sciences

Solution areas

Interim Finance, Corporate Governance

Challenge:

This life sciences company’s lead product candidate had failed. They had to refocus the business and undergo a major downsizing.
In just six months’ time, the company lost the controller and accounting manager—but still needed to deal with complex reporting issues while keeping day-to-day accounting operations on track.
The kicker: the company needed to save money throughout all these changes.

Solution:

One of our pros became the company’s controller and dug right in for savings. We eliminated unnecessary cash management services; resolved past-due receivables; and pursued an ongoing property tax appeal.
We also assumed equity administration and stock-based compensation expense responsibilities; taught staff to handle AP, payroll and property tax filings; advised management on the business impacts of the restructuring; and improved accounting for clinical studies.
Another member of our technical accounting team delivered extra value through process improvements and assuming cash flow forecasting and budgeting responsibilities.

With RoseRyan’s expert help, the client emerged from a difficult restructuring much leaner but with clean books, improved processes and peace of mind. The company is now using a virtual model, concentrating on its core strengths and outsourcing nonstrategic functions.

Results:

New accounting treatment

Shorter close process

Expanded skills for employees

Secured tax refunds

New corporate policy manual

Cash management conquered

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