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Outsourced Accounting Services for Long-Term Financial Stability

Challenge

A biotechnology organization faced significant financial management challenges due to the absence of a general ledger and a comprehensive accounting system. Without a structured financial infrastructure, tracking transactions and maintaining accurate financial records became increasingly difficult, leading to operational inefficiencies, financial uncertainty, and hurdles in securing investor confidence.

Action

Centri’s Outsourced Accounting practice, Powered by Centri, implemented a robust general ledger accounting system that streamlined transaction entries and ensured financial data was well-organized and easily accessible. In addition to these foundational improvements, the team established efficient budgeting and forecasting practices aligned with the organization’s long-term financial strategy.

A comprehensive financial checklist was also developed, clearly assigning responsibilities to strengthen accounting operations and improve financial oversight.

The Powered by Centri team worked diligently to:

• Gather and reconcile financial data for improved accuracy.
• Conduct variance analyses and make necessary adjustments to ensure reliable financial statements.
• Implement audit-readiness protocols to facilitate PCAOB audits, a critical step in building investor trust.

By integrating best-in-class accounting practices, the team ensured the company had a solid financial framework to support future growth.

Resolution

With Centri’s enhanced budgeting and forecasting models, the biotechnology organization gained critical financial visibility – enabling leadership to confidently navigate high-cost R&D phases and strategically allocate resources. Detailed cash flow projections supported more effective financial planning, reducing uncertainty and reinforcing the fiscal discipline essential for investor engagement. Regularly updated forecasts empowered the organization to make informed strategic decisions and proactively manage financial risks.

Results

Centri’s structured financial approach not only streamlined operations but also positioned the biotechnology organization for successful capital-raising efforts. With increased financial transparency, audit-ready financial reports, and proactive risk management practices in place, potential investors gained trust in the company’s ability to scale and sustain growth. As a result, leadership was able to engage in funding rounds with assurance presenting a well-managed and financially sound business model to prospective investors.

By establishing a foundation for long-term financial stability, Centri’s expertise empowered the organization’s leadership to make well-informed decisions and drive the business forward, setting the stage for sustained growth and success.

Ryan Starkes

Partner | Life Sciences Practice Leader & Raleigh Market Leader | CPA

Ryan is a Partner at Centri Business Consulting, leader of the firm’s Life Sciences Practice & Raleigh Market Leader. He has more than 26 years of public and private accounting experience. View Ryan Starkes's Full Bio

Sunny Patel

Managing Director | CPA

Sunny is a Managing Director at Centri Business Consulting. He has more than 14 years of public and private accounting experience. View Sunny Patel's Full Bio