Accounting, Taxation & Reporting for US & India Operations
How MYND established a small Shared Service Center (SSC) for a US-based Biotechnology Research Company, delivering end-to-end accounting, US GAAP compliance, and consolidated financial reporting across two countries.
The Unique Financial Challenges of Biotechnology Research Companies
The biotechnology and life sciences sector operates at the intersection of scientific innovation and complex regulatory frameworks. Companies in this space face unique financial management challenges that extend beyond typical business operations. Research-intensive organizations often manage multi-year projects with varying funding cycles, grant-based revenue streams, and intricate compliance requirements across multiple jurisdictions.
For US-based biotech firms with international operations, particularly in research hubs like India, the complexity multiplies. These organizations must navigate different accounting standards (US GAAP vs. Indian GAAP), manage currency fluctuations, ensure compliance with both US SEC requirements and Indian statutory regulations, and maintain consolidated financial visibility across entities operating in vastly different regulatory environments.
Small to mid-sized biotechnology companies often lack the in-house resources to build dedicated finance teams capable of handling these cross-border complexities, yet they require the same level of financial accuracy and compliance rigor as larger pharmaceutical corporations. This creates a critical gap that strategic outsourcing partnerships can effectively bridge.
Cross-Border Complexity
Managing financial operations across US and India requires expertise in multiple accounting standards, tax treaties, and regulatory frameworks.
US GAAP Compliance
Biotechnology companies must adhere to stringent US GAAP requirements for revenue recognition, R&D capitalization, and grant accounting.
Consolidation Requirements
Multi-entity structures demand seamless consolidation of financial records with proper intercompany eliminations and currency translation.
Resource Constraints
Research-focused organizations prefer investing in core scientific capabilities rather than building large back-office finance teams.
Critical Challenges Facing the Client
The US-based biotechnology research company approached MYND with a complex set of financial management challenges that were hindering their ability to focus on core research activities and maintain regulatory compliance.
Calendar Year & US GAAP Financials
The client required preparation of financials based on the calendar year and US GAAP standards. Their existing records were maintained on different fiscal cycles and accounting standards, creating significant challenges for investor reporting and regulatory compliance in the United States.
Lack of In-House Expertise
The company lacked the specialized expertise to prepare financials in-house. As a research-focused organization, their core competencies were in biotechnology innovation, not in navigating the complexities of cross-border accounting, US GAAP compliance, and multi-currency financial reporting.
Consolidation with US Entity
The client needed seamless consolidation of books of records with the US entity. This involved complex intercompany transactions, currency translation adjustments, elimination entries, and unified reporting that provided a clear picture of the combined organization's financial position.
End-to-End Multi-Entity Accounting
The organization required end-to-end accounting for both India and US entities under a single, coordinated framework. This meant managing two different regulatory environments, tax regimes, and compliance requirements while maintaining consistency and accuracy across both operations.
MYND's Strategic Approach
MYND designed and implemented a comprehensive solution that addressed each of the client's challenges through a phased approach, starting with a critical one-time project that evolved into a long-term partnership.
Historical Financial Conversion
Executed a one-time project to convert 3 years of financials to calendar year format and translate all records into US currency. This critical foundation project involved detailed analysis of historical transactions, proper period cutoffs, and accurate currency translation using appropriate exchange rates for each reporting period.
Deliverable: 3 years of US GAAP compliant financials ready for consolidation
Complete Accounting Mandate
Based on the successful completion of the one-time project, the client awarded MYND the complete accounting mandate for both India and US entities, including the consolidation. This expanded scope demonstrated the trust built through quality delivery and positioned MYND as the client's strategic finance partner.
Outcome: 10+ year ongoing partnership established
Dual-Entity Service Delivery
Established comprehensive service delivery covering Book Keeping & Reporting and Taxation for the India entity, along with Book Keeping & Reporting for the US entity. This dual-track approach ensures both entities receive specialized attention while maintaining consistency for consolidation purposes.
Scope: Full-service F&A for India + Reporting for US entity
End-to-End SLA Management
Implemented a robust end-to-end solution to manage all transactions under a defined SLA framework. This includes clear turnaround times for transaction processing, monthly close timelines, reporting deadlines, and escalation protocols to ensure consistent, reliable service delivery.
Framework: Defined KPIs, monthly reviews, continuous improvement
Transformative Business Outcomes
The partnership with MYND delivered measurable improvements across the client's financial operations, enabling them to focus on their core biotechnology research while maintaining world-class financial management.
Process Standardization
Implemented consistent accounting processes across both US and India entities, ensuring uniform treatment of transactions, standardized chart of accounts, and harmonized reporting formats that simplify consolidation and analysis.
Single/Centralized SPOC
Established a single point of contact for all finance-related matters across both entities. This centralized approach eliminates coordination overhead, ensures consistent communication, and provides the client with streamlined access to all financial information.
Highly Scalable Back-End Team
Provided a highly scalable back-end team capable of meeting the demands of a fast-growing business environment. As the client's research activities expand, MYND's team scales seamlessly without the client needing to manage recruitment or training.
Superior Cost Efficiency
Working with MYND proved more cost efficient than trying to recruit equivalent expertise in-house. The client avoids fixed costs of full-time finance staff, benefits from shared infrastructure, and gains access to specialized skills without premium salary requirements typical of cross-border accounting professionals.
Access to Expert & Trained Team
Gained access to an expert and trained team with deep knowledge of US GAAP, Indian accounting standards, cross-border taxation, and biotechnology industry requirements. This expertise would be difficult and expensive to build internally.
A Decade of Trusted Partnership
What began as a focused project to convert historical financials has evolved into a decade-long strategic partnership. MYND's small but expert Shared Service Center continues to deliver reliable, accurate financial management for the client's cross-border operations, allowing their scientists and researchers to focus entirely on breakthrough biotechnology innovations.
This engagement exemplifies MYND's approach to client relationships: start by solving an immediate challenge with excellence, then expand the partnership based on proven results. The 10+ year duration of this relationship speaks to the consistent value delivered and the deep trust established between both organizations.
"A successful outsourcing partnership isn't measured by the size of the team, but by the quality of outcomes delivered. Three dedicated professionals, armed with the right expertise and supported by robust processes, can transform financial operations for global organizations."
— MYND Delivery Excellence PhilosophyPartnership at a Glance
US-Based Biotechnology Research Company
Services Delivered
Transform Your Cross-Border Finance Operations
Whether you're a biotechnology company, research organization, or any enterprise managing multi-country operations, MYND's expert team can deliver the same transformative results. Let us handle your Finance & Accounting complexities while you focus on what you do best.
