Transforming Accounting Operations for a Leading US Biotech Research Company
Shared Service Center Setup for Accounting Outsourcing Solution Across US & India
Our client, a prominent US-based biotechnology research company, was experiencing rapid growth across two continents. As their research initiatives expanded from the United States to India, they faced increasingly complex accounting and financial reporting challenges that threatened to divert critical resources from their core mission of advancing biotechnology research. The company needed a partner who could understand the unique financial landscape of biotechnology companies — from R&D expense tracking to complex regulatory reporting requirements across multiple jurisdictions.
- Cross-border financial operations (US & India)
- US GAAP compliance and calendar year reporting
- R&D expense tracking and categorization
- Multi-jurisdictional regulatory compliance
- Investor-ready financial statements
Critical Accounting Challenges Hampering Growth
Four major obstacles were blocking financial clarity and diverting resources from core research activities
Cross-Border Consolidation Complexity
Managing separate books for US and India entities while ensuring proper consolidation became increasingly difficult as operations scaled across both countries. Currency translation, intercompany eliminations, and varying fiscal year requirements created significant reconciliation challenges that consumed valuable finance team bandwidth.
US GAAP Compliance Gap
The company lacked in-house expertise to prepare accurate financials according to US GAAP standards and calendar year requirements, creating compliance risks and investor confidence issues. Revenue recognition, R&D capitalization decisions, and complex lease accounting under ASC 842 required specialized knowledge the internal team didn't possess.
Resource Allocation Inefficiency
Valuable internal resources were being diverted from core biotechnology research to handle complex accounting tasks, slowing innovation and growth. Scientists and research managers found themselves spending hours on expense categorization and grant reporting instead of advancing critical research projects that drive the company's competitive advantage.
Scalability Limitations
The company's rapid expansion demanded accounting processes that could scale quickly, but recruiting and training in-house teams couldn't keep pace with business growth. Each new research initiative, grant application, or international collaboration required additional financial oversight that strained existing capabilities.
MYND's Finance & Accounting Solution
End-to-end financial management across two continents
MYND Solutions implemented a phased approach, beginning with a strategic three-year financial conversion project that demonstrated our expertise and built trust. This success led to a complete partnership encompassing all accounting operations for both US and India entities.
Financial Foundation
- Historical financial conversion to calendar year
- Currency translation to USD across all entities
- US GAAP compliance implementation
- Chart of accounts standardization
Complete Integration
- Full accounting operations takeover
- Cross-border consolidation setup
- Process standardization implementation
- ERP system optimization (Tally & QuickBooks)
Ongoing Excellence
- SLA-driven transaction management
- Scalable team operations
- Continuous process optimization
- Strategic financial planning support
Everything Your Biotechnology Company Needs for Financial Excellence
Complete Finance & Accounting services tailored for cross-border biotechnology operations
India Operations
Local Expertise- Complete bookkeeping and accounting
- Local taxation compliance (GST, TDS, Income Tax)
- Regulatory reporting (MCA, RBI)
- Tally ERP management and optimization
- Statutory audit coordination
US Operations
US GAAP Compliant- US GAAP compliant bookkeeping
- Financial reporting and analysis
- QuickBooks management and optimization
- Investor-ready financial statements
- R&D expense categorization and tracking
Consolidation & Strategic Support
Cross-Border- Cross-border consolidation and elimination
- Currency management and translation
- SLA framework implementation
- Strategic financial planning support
- Management reporting and dashboards
Results That Matter
Measurable outcomes that demonstrate the value of our partnership
Streamlined operations across both US and India entities with unified procedures
Significant savings compared to internal hiring and maintaining two separate teams
Centralized management with simplified communication across all operations
Team scales with business needs, demonstrating long-term partnership value
Trained team with expertise in biotech industry and cross-border accounting
Full adherence to US GAAP standards and local Indian regulations
Why Biotechnology Companies Choose Outsourced Accounting
Biotechnology companies face unique financial challenges that generic accounting solutions can't address. From complex R&D expense categorization to multi-jurisdictional compliance requirements, specialized expertise is essential for companies operating at the intersection of scientific innovation and regulatory scrutiny.
The biotechnology industry demands financial partners who understand the nuances of R&D accounting, grant management, and the complex regulatory landscape spanning multiple jurisdictions. MYND's specialized expertise allows research-focused companies to maintain financial excellence without diverting critical resources from innovation.
Whether you're a growing biotech startup or an established research company expanding internationally, having the right financial infrastructure in place is crucial for attracting investors, maintaining compliance, and scaling operations efficiently.
Focus on Core Innovation
Free up resources for research and development while experts handle complex financial operations
Regulatory Expertise
Navigate complex biotech compliance requirements across US GAAP, local standards, and industry regulations
Scalable Solutions
Grow accounting capabilities with business expansion without the delays of hiring and training
Cost-Effective Growth
Avoid expensive in-house hiring and training while accessing specialized expertise on demand
Risk Mitigation
Reduce compliance and reporting risks with proven processes and experienced professionals
Investor Confidence
Maintain investor-ready financials that meet institutional standards and due diligence requirements
Explore What This Could Look Like for You
Whether you're a biotechnology company, healthcare organization, or any business with cross-border operations, MYND's integrated finance and accounting solutions can help you grow globally while operating confidently. Let's discuss how we can transform your financial operations.