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Case Studies
Global Pharma Spin-off Engages TJG to Establish Finance and Accounting Functions
in 12 Countries
Challenge:
A separate, privately-held global biotech firm was created when a large business unit was spun off from a multi-billion dollar, public pharmaceutical company. Replication of all existing accounting and financial processes was required in order for the spin-off to operate independently. This included establishment of stand-alone external financial reporting, design of financial and operational performance metrics and development of accounting policies, procedures and related financial processes. Additionally, a new financial software package was required since many of the accounting and finance processes of the new company had been supported by the parent company’s shared service center.
The Bottom Line:
The Johnsson Group was engaged to establish new accounting and finance processes. Historical processes were documented and work streams across all critical finance functions were evaluated to eliminate non-value add processes. The Johnsson Group also provided assistance to ensure the ERP system implementation created a finance and accounting solution that streamlined the close and provided the appropriate level of reporting. A major component of the ERP implementation included conversion of the master data from legacy systems for accurate consolidations and reporting. Using a close process optimization framework, the implementation was delivered across 12 countries, within the targeted timeline and budget.
