Transforming Accounting Operations for a Leading US Biotech Research Company
Shared Service Center Set up for Accounting Outsourcing Solution for US & India
When Rapid Growth Meets Regulatory Complexity
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.
Critical Accounting Challenges Hampering Growth
Four major obstacles blocking financial clarity
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.
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.
Resource Allocation Inefficiency
Valuable internal resources were being diverted from core biotechnology research to handle complex accounting tasks, slowing innovation and growth.
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.
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.
Solution Timeline
Financial Foundation
• Historical financial conversion to calendar year
• Currency translation to USD
• US GAAP compliance implementation
Complete Integration
• Full accounting operations takeover
• Cross-border consolidation setup
• Process standardization implementation
Ongoing Excellence
• SLA-driven transaction management
• Scalable team operations
• Continuous process optimization
Ready to Transform Your Company’s Finance & Accounting?
Comprehensive Service Portfolio Delivered
Everything your biotechnology company needs for financial excellence
India Operations
- Complete bookkeeping and accounting
- Local taxation compliance
- Regulatory reporting
- Tally ERP management
US Operations
- US GAAP compliant bookkeeping
- Financial reporting and analysis
- QuickBooks management
- Investor-ready statements
Consolidation & Strategic Support
- Cross-border consolidation
- Currency management
- SLA framework implementation
- Strategic financial planning
Transformational Results That Matter
Operational Excellence
• 100% Process Standardization
• Streamlined operations across both entities
Centralized Management
• Single Point of Contact
• Simplified communication
Scalable Growth
• 10+ Years of Sustained Growth
• Team scales with business needs
Expert Access
• 3 Dedicated Specialists
• Trained team with Expertise
Compliance Assurance
• 100% Regulatory Compliance
• US GAAP and local standards
Why Biotechnology Companies Choose Outsourced Accounting
Industry-specific advantages of partnering with specialists
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.
Focus on Core Innovation
Free up resources for research and development
Regulatory Expertise
Navigate complex biotech compliance requirements
Scalable Solutions
Grow accounting capabilities with business expansion
Cost-Effective Growth
Avoid expensive in-house hiring and training
Risk Mitigation
Reduce compliance and reporting risks
Explore What This Could Look Like for You
