Managing Cost Accounting with Streamlined Processes and Insights for Shaping the Role

At A Glance

Company Type: Midmarket, Public

Industry: Biopharmaceutical

Solution Area: Interim Finance, Technical Accounting

About The Client

A senior-level gap in the finance team kept opening up at a biopharmaceutical company with approximately $90 million in revenue and 300 employees. As the year-end approached without a cost accounting manager or director, they needed immediate support and input on what was best for the role going forward.

Challenge

A pressing deadline and an opening in the finance team led to the need for interim cost accounting expertise. On the docket were year-end cost accounting activities, including:

• physical inventory count
• account reconciliations
• management reporting
• standard cost updates, and
• audit support

The finance pro would have to find her own way, with only minimal documentation available for the current cost accounting process. As the cost accounting ace’s work was underway, the company was acquired, resulting in more turnover and changes in business operations, which had to be factored into inventory valuation, and shortened accounting deadlines.

Solution

• The ZRG consultant quickly developed key relationships to understand the process, identify issues and provide recommendations.
• She worked across functions to collaborate on developing a streamlined process and meet the new reporting deadlines.
• With a new, clear process in place, and opened collaboration between functions, management has a much better understanding of their true needs for the role.
• ZRG’s Technical Accounting Group weighed in to help determine the accounting implications of the changes in business operations.

Results

• Tackled tight timelines
• Streamlined, documented process
• Collaborative, cross-function al approach
• Tighter link between finance and supply chain group
• Uncovered gaps, inefficiencies
• Clearly defined cost accounting role

“Mary has been instrumental in our success. She is versatile and adaptable and was able to quickly learn our processes and make meaningful suggestions for improvements.  

Her breadth of experience was key to our being able to meet new reporting deadlines quickly. We could not have done this without her!”

- Corporate Controller

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