Life Sciences Software Company Integrates Financial System, Procedures and Reporting with SD Mayer
SD Mayer created a fully integrated financial system for start-up, Vineti Inc., along with creating operational procedures and assisting with audits and transition to their own accounting department.
The team at SD Mayer helped to take us from early startup mode, running accounting with Excel and lump-sum journal entries, to proper audit-ready accounting practices. Highly recommended for a bootstrapping startup that needs to up their game. Great team to work with! Friendly, responsive and accurate. Just what you need.
THE CHALLENGE
Vineti Inc. started with SD Mayer in 2018 and had just received a $32M investment. They were looking for help in integrating their financial system. At the time of the engagement, they had just started an entity in Armenia, the payroll system wasn’t working, their expense management procedures were non-existent, their invoicing system had no integration with their accounting software, non-existent budgets and no departmental reporting.
HOW SD MAYER HELPED
Working with our outsourced accounting team, Vineti Inc. asked for a lot of helping creating an integrated financial system that worked with their accounting software. We went right to work by developing a workbook that converted currency to US dollars from their Armenian counterpart. Our team had no experience with their payroll system, but quickly learned how to use it and became masters. We implemented Bill.com and Expensify to create an integrated bill pay system, establishing approval hierarchy, payment processes and expense management procedures. We also integrated their QBO accounting software with their invoicing system, creating a sync between the two. We created a budget system, creating an annual master budget process and template. Departmental reports were established using a coding system, and expense tracking to facilitate departmental reporting for budget vs. actual.
THE RESULTS
At this time, it’s been three years and they’ve increased their burn by 4-5 times. They are now located in three different countries using three different currencies. They continue to have outside investment. Their financial system is fully integrated and procedures have been implemented. We have helped them create an internal accounting department, and have trained and transition them, including a new Controller and Accounting Manager. We continue to help with audits, and still maintain their payroll and other ad hoc projects. They continue to provide us excellent recommendations for more work.
DISCLAIMER:
This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, accounting, legal or tax advice. The services of an appropriate professional should be sought regarding your individual situation.
