Biotech co. needs to engineer better interim financial support​

Picture this...

You’re an early-stage biotech company that’s overcome by the industry-wide post-COVID downturn. You’re challenged to right-size operations proportionate to your lower revenues and earnings, but your accounting systems and processes are weak and don’t provide any meaningful information. You’ve also failed to complete your last four annual audits, your CFO has exited, and your interim solution is not working out. The bottom line: you need help.​

You turn to Accordion.

We step in to replace your current interim CFO, stabilize the finance function, further the accounting function turnaround, consolidate A/P and cash management tools and processes, work with sponsors and lenders on forbearance, and oversee multiple work streams. Specifically, we: ​

• Complete an assessment of Order-to-Cash processes, implement “quick-wins”, and provide a detailed implementation plan. ​
• Develop and implement a stand-alone cost accounting model and develop near-, medium-, and long-term recommendations and roadmaps.​
• Determine that your existing percentage of completion methodology is inaccurate and develop improved methodology within existing data and system constraints.

Your value is enhanced.

You’re now able to provide your sponsor with much-needed clarity on the contribution of custom and catalog businesses for future investment decisions, your finance team with the tools to measure and report on a go-forward basis, and your management team with the information necessary to drive sales and pricing strategies.​

Your rebuilt percentage of completion model corrects flawed revenue recognition methodology and provides clarity on actual business line performance. Your new A/P and cash management models provide visibility into consolidated and divisional cash collections and payables, aid management in priority of payment decisions, and allow you to manage through a tight liquidity period.