Dermatology company gets blemish-free finance function​

Picture this...

You’re one of the largest dermatology medication retailers in New York and New Jersey. But after taking investment from a private equity firm, you realize you need expertise to help the finance function meet institutional ownership demands. Your current accounting policies and procedures don’t equip you to provide GAAP financial statements to a new lender. You also need to convert your accounting standards from cash to accrual and properly record the purchase accounting that resulted as part of the sale. It’s complex, nuanced work, and you need help.

You turn to Accordion.

We jump in during the first 100 days post-acquisition to drive finance function transformation. We:​

• Complete cash to accrual conversion, net working capital, and purchase adjustment calculations, including compiling all transaction detail from the current ERP system, building a chart of accounts to support GAAP basis financial reporting needs, and preparing documentation for the opening balance sheet audit.​
• Create a 3-statement reporting model including the lender required certificate. ​
• Build a 13-week cash flow forecast model with detailed tracking of collections and operating expenses by pharmacy.

Your value is enhanced.

You implement new policies, procedures, and practices to align with your goals and requirements, which allow you to report GAAP financials to both the sponsor and lender in a timely fashion. You also get a cash forecast to predict and measure results of the collections at each store with a detailed operating expenses build, including comprehensive inventory visibility. What’s more, you accomplish all of this while simultaneously laying the groundwork to onboard a new finance team, implement an ERP system, and prepare for future growth and acquisitions.