Centri Sponsors 2016 Life Sciences Accounting & Reporting Congress
Centri Business Consulting, LLC proudly sponsored the Life Sciences Accounting & Reporting Congress, held at the Hilton Philadelphia at Penn’s Landing on March 21-23, 2016.
Maintaining ongoing efforts to stay on top of ever changing industry news and regulations, Centri’s own Michael M. Aiello, CPA, Managing Partner, Gerald R. Wik, CPA, Partner and Michael E. Cardello, Business Development Manager attended this premier conference and it’s valuable accounting and reporting workshops, sessions and networking events.
The Life Sciences Accounting & Reporting Congress is the world’s largest and longest standing event for finance and accounting professionals in the life sciences industry. This was the most expansive congress to date, featuring summits, workshops and nearly 80 expert speakers, with Conference Chair – Cathy Engelbert, CEO of Deloitte LLP; Finance Luminary – Suketu Upadhyay, Executive VP & CFO of Endo; and SEC Keynote – James V. Schnurr, Chief Accountant of U.S. Securities & Exchange Commission.
For more information about Centri Business Consulting LLC, visit www.centriconsulting.com.
Pictured here is Michael Cardello, Business Development Manager for Centri.
By Kevin McLaughlin, CPA
Senior Associate at Centri Business Consulting, LLC
Winter is officially here and the beautiful weather seems light years away. Playing a round of golf is a thought of the distant past and far-off future. Whether you are a casual golfer who likes to play a handful of times a year or a diehard who plays so often they practically live on the course, golf is a pleasant thought during the days of snow and below freezing temperatures. The thought of a round of golf during a nice crisp day can be energizing during these dismal winter months.
With the acceptance of winter, comes events of certainty such as the need to warm up your car in the morning or in many businesses cases, the preparation of yearend financial statements. With this comes the responsibility that all financial reporting deadlines are met, internally and externally. For example, quarterly, semi-annual and annual financial reports all have specific deadlines, as well as some tax implications.
The financial reporting process of effectively and accurately producing statements that disclose an organization’s financial status to management, investors, and the public is very time-consuming and requires expertise. However, producing these statements is extremely important and vital in the growth of a company. The information included in financial statements help form better decisions, catch costly mistakes and provide tangible proof of success or areas of improvement for a business. Golf sounds pretty good right now, doesn’t it?
There are many aspects of golf to enjoy. It’s the only sport that acts as an activity that encourages full on socializing while playing. Win, lose, or draw, you can have a drink (or two) with your group during and after playing. Every time out is an adventure and experience that cannot be replicated.
Finding the right caddy is an important aspect for many golfers. A caddy not only can help with general golf knowledge but also on the mental aspects of the game, playing the role of part valet, comedian, psychiatrist, friend, confessor and confidant. A caddy is an unusual mix of personalities who all the while stays in his player’s shadow, a modern day Don Quixote. A caddy can help with club selection, give a quick whited remark to lighten the mood or suggest a beverage to help the player and ease the tension of the round.
The right caddy can improve a golfer’s game both physically and mentally. The same comparison can be made for consultants and companies financial statements. Financial statements are vital in telling the story of a company. A company’s financial statements provide various financial information that investors and creditors use to evaluate a company’s financial performance. In many cases it is necessary to use consultants to help ensure the financial reporting process is operating effectively and efficiently. Consultants validate the financial reporting process and successively produce financial statements that are correct, accurate and timely. Consultants guide a company through a time that can be hectic in the similar way a caddy guides a player through a tough round.
Performing tasks like preparing year-end closing documents or properly accounting for an acquisition can feel as daunting as hitting a 30-foot putt to win a hole. However if you have a good caddy by your side with a good read, or consultant with the technical knowledge and experience to assist in the process, the task becomes much more obtainable. Consultants and caddies really do have some astonishing similarities. So while the heart of winter is here and financial statement deadlines are fast approaching take a deep breath and recognize that before you know it you’ll be on the first tee with a driver in your hand.
On January 22, 2016, Centri Business Consulting’s Director, Carl Dietz, CPA, was proud to participate in The University City Science Center’s Quorum – Office Hours. Carl volunteered to meet with 5 entrepreneurs individually, offering his expertise in accounting for small businesses.
Office Hours brings an advisor to Quorum to meet one-on-one with an entrepreneur, answer their questions and offer targeted advice. This experience allows professionals and business owners the opportunity to help up and coming entrepreneurs with accounting and other services to grow and strengthen their business. The University City Science Center is located at 3711 Market Street in Philadelphia. For information about Quorum, please visit https://www.sciencecenter.org/programs/quorum
Centri Business Consulting, LLC has their corporate office on Market Street in Philadelphia, as well as offices in Colorado and New York. Centri provides finance and accounting consulting services that addresses complex business challenges. Visit www.centriconsulting.com for more information about Centri’s services.
Centri Business Consulting was proud to sponsor the recent PICPA event, a Celebration to Honor Successful CPA Candidates, on November 19th at the Historic Philadelphia landmark, Hyatt at The Bellevue. This annual event celebrates the success of those who have passed their CPA exam between July 2014 and June 2015.
Among the Successful CPA Candidates honored during this award ceremony was one of Centris own, Christopher Mora, CPA, who joined Centri as a Manager in July, 2015. Prior to Centri, he held positions as an Accounting Manager and an Audit Senior for local Phila firms. Christopher received his Bachelor of Science in Business Administration with a Concentration in Accounting from Drexel University in Philadelphia, PA.
Joining Chris in celebration was Centris Managing Partner Mike Aiello, Partner Jerry Wik and Business Development Manager Mike Cardello. They enjoyed celebrating with Chris and other new CPAs with a fun filled casino night featuring music, cuisine and casino games. Mike states, All of us here at Centri wish to congratulate Chris on reaching this important career milestone of successfully completing his CPA. We look forward to his many years of future success with Centri!
By Carl Dietz, CPA
Manager of Financial Reporting
During this time of year, I wake up each Sunday morning, prepare a cup of coffee, turn on ESPN, and listen to the sports news as I make the final lineup changes to my fantasy football team. The announcers go through the each team’s lineup, suggesting players who might play well and players who might not play during the day. It’s easy for us to sit back in our couches and play general manager for a day. For the owners, general managers and the players of our favorite football team, their game-day preparation started months ago.
A winning football team is built on a good game plan and either home-grown or acquired talent to help them execute that game plan. This is also true in the business world with a good strategic plan being executed through home-grown ideas or acquired businesses. For those businesses that have gone through the “free agent pool” of acquiring a business over the past few years, now is the time to think about how this acquisition will affect your year-end audit. In this article, we’ll discuss how to evaluate your acquisition the same way our favorite football team prepares for the upcoming season.
As with any football team, the team and its players are always being evaluated. During the course of each practice and game the general manager, head coach and assistant coaches observe each player and analyze each play. Which players on defense are good against the pass or good against the run? Which players have a knack for creating separation from the defense and what play was called which led to that touchdown? After the season, which players will leave our team via free agency? Which players should we take in the draft? All of these questions ultimately have to be answered by someone, or a group of people, in order to maintain our team’s high level of play. In the accounting world, we would call this person the Chief Operating Decision Maker (“CODM”). For most football teams, their CODM could be the general manager, head coach or coaching staff. In our situation, our general manager is also our head coach and he’s the one making all of the final decisions.
How does the general manager come to make his decisions? Does he have an analytics department who keeps track of each player? Does he have multiple personnel coaches reporting to him after each game? And what about the scouting department – is the general manager reviewing their reports after each college football game? These questions are similar to what a corporation’s CODM would ask of the business unit leaders. Which business units are performing according to forecasts? Where should we allocate resources to maximize profits? What business units are under performing?
The general manager is ultimately in charge of answering all of these questions and making decisions to better the team, not only for the current season but for seasons to come. In many ways, this is the same goal of a business’s CODM – how does he guide his team to success? The CODM would begin this process by reviewing activities from which the business may earn revenues and incur expenses.
In the football world, general managers need to dig down to the lowest possible component of a football team – the individual player. Each player is responsible for a specific task, whether it be to pass the ball, catch the ball, or ensure that the opponent is not allowed to pass or catch the football. Individual metrics have been established which track the individual players progress – passing yards, receiving yards, interceptions – and those metrics are used in deciding whether to start, bench, or cut the player from the team. In the business world, our CODM would perform a similar analysis by finding the lowest possible level of discrete data and analyzing that data to determine how well the component is operating. As noted in footnote 2 below, if a component earns revenues and incurs expenses, has its operating results regularly reviewed by the CODM and has discrete financial data, then we can consider this component to be an operating segment. If our football player was part of a business, he could be considered an operating segment since they exhibit the same characteristics – the player engages in activities that aid the team in winning (i.e. activities that may earn revenues and incur expenses), the general manager reviews his game-day performance (i.e. operating results are regularly reviewed by the CODM), and discrete data is available to analyze his performance (i.e. discrete financial information is available).
Each player on a football team plays an integral part to ensure the team wins the game. However, each player is usually grouped into a unit – wide receivers, offensive or defensive lines, the secondary – and are evaluated on that unit’s level of play. A CODM of a business would also look at each of its components, similar to how a team aggregates its players, and perform the same task of grouping the components with similar characteristics . Thus, our offensive line or defensive line, in accounting terms, could be considered to be a reporting unit.
On any given game day, a football roster has 53 active players spread among the offensive, defensive and special teams’ positions. Each of these individuals can be considered to be their own “reporting unit” as mentioned above. But as you know, most teams might consider their group to be aggregated into more discrete units (operating segments). When listening to the analysts on television, not only do they call out individual players (Byron Maxwell will have to do a good job of covering Julio Jones and limiting his touches) but also as a unit (the defensive line will have to win the battle in the trenches and provide a good pass rush to limit Matt Ryan’s ability to find his open receivers). Our football team is an excellent analogy to determining operating segments, as we could break down our team into separate units – quarterback, running backs, receivers and tight ends, offensive line, etc. – each of which has their own role in helping the team win a game.
One of this year’s auditor hot-button topics is clearly identifying operating segments and reporting units and how goodwill has been allocated to those operating segments or reporting units. Hopefully these analogies will help you better understand this difficult topic and help you in determining your Company’s operating segments and reporting units.
Centri Business Consulting, LLC was a proud sponsor of the 7th Annual Lemon Run in Philadelphia. Held on Sunday, November 8th, the Lemon Run is the largest fundraising effort of the Alex’s Lemonade Stand Foundation, a national fundraising movement to find a cure for childhood cancer. This years event has raised an amazing $370,000 so far for research to find better treatments, improve quality of life, and the ultimate goal – a cure.
The Centri team and their families donned their running gear to participate in the run through Fairmount Park on a crisp fall morning. With over 3,250 total participants, Centri’s own Mike Cardello finished 45th in his age group. Centri is very proud to be a part of this event and our Philadelphia community.
Centri Business Consulting, LLC is a proud sponsor of the 2015 GF Networks Golf Outing. The net proceeds from this event will benefit the Vision For Tomorrow Foundation, a 501(c)3 organization, which raises critical research funds for children born with Aniridia, a rare eye condition that occurs in 1 of 60,000 births. Click here to learn more about Aniridia and the Vision For Tomorrow Foundation.
The event was held on October 21, 2015 at Bala Golf Club in Philadelphia, PA. The beautiful fall weather led to a great day of golf and networking with fellow sponsors, colleagues and friends. Pictured here from left to right, from Centri Consulting: Jerry Wik, Mike Cardello and Mike Aiello.
Centri Business Consulting, LLC proudly attended and supported their clients, colleagues and friends at the 2015 BIO International Convention, held at the Philadelphia Convention Center on June 15-18th.
Mayor Michael Nutter and PA Governor Tom Wolf along with several US Governors and legislators from around the country attended the convention. The Convention featured dynamic keynote speakers, like legendary journalist Tom Brokaw and jazz musician Wynton Marslais. The educational programs featured over 750 speakers that addressed that latest business opportunities, medicine and environment breakthroughs, food, agriculture and more. This exciting event hosted over 15,000 life science and health care professionals, and featured more than 1,800 exhibitors.
The 2016 BIO International Convention will take place June 6-9 in San Francisco, California.
For BIO 2015 video, photos, and more, visit convention.bio.org.
Centri Business Consulting, LLC proudly sponsored the 2015 PICPA Greater Philadelphia Chapter Golf Outing held on June 15, 2015 at LuLu Country Club. It was a great day of golf and networking with fellow PICPA members, colleagues and friends. Centri was happy to sponsor the beverage cart and keep its friends refreshed during the event.
May 15, 2015 – Philadelphia, PA – Centri Business Consulting, LLC, a premier accounting and finance consulting firm, today announced that they have relocated their corporate headquarters. The new office is located at 1515 Market Street, Suite 1525, Philadelphia PA 19102. With additional offices in New York and Colorado, Centri will continue to provide accounting and finance consulting services along the east coast and throughout the country.
“In order to accommodate our rapid business growth and expansion, it is our pleasure to inform you that we have relocated our corporate office, while still maintaining our strong presence in the prime business district of Philadelphia. The new location and increased space will enable us to accommodate both our growing team and client base for years to come” states Michael Aiello, Managing Partner of Centri.
About Centri Consulting
Centri Business Consulting is dedicated to providing the highest quality finance and accounting consulting services to its clients by being reliable and responsive to their needs. Centri provides companies with the expertise they need to meet their reporting demands. From complex technical accounting transactions to monthly financial reporting, our professionals can offer any organization specialized expertise and multilayered skill sets to ensure the work gets done right.
Centri specializes in financial reporting, internal controls, corporate governance and outsourced financial resources for companies of various sizes and industries. Our approach is to select team members with the appropriate experience to ensure that their fit within your organization is seamless.