BCH Research Solutions is a privately-owned global clinical research consulting firm that has about 10 employees and serves companies developing new pharmaceutical and biological products and vaccines. The rapidly growing firm has approximately $2 million in annual revenues and has seen a 200 percent increase in revenue over the last two years.
While BCH was already using Kreischer Miller for assistance with their tax returns, they were using QuickBooks Desktop internally, which was an inefficient and slow process.
BCH raised a concern to their Kreischer Miller relationship professionals that one of their three partners was getting ready to retire. This partner had been responsible for managing all of the accounting records, so they needed a replacement. In addition to the partner retiring, the firm was planning to position themselves for a sale, and realistically would need the help of an accounting firm in order to be prepared to show their financial statements to potential buyers.
Kreischer Miller introduced BCH’s partners to its Outsourced Accounting Services team, which was tasked with improving the firm’s financial reports so they would be readily available to potential buyers. In order to achieve this, Kreischer Miller’s team developed a financial scorecard and a due diligence package. Additionally, we moved the firm to QuickBooks Online, which made it possible to work more efficiently because both BCH and Kreischer Miller team members could access the cloud-based platform simultaneously.
A Kreischer Miller relationship manager was assigned to communicate with the firm’s two remaining partners on an as-needed basis. The partners provide the relationship manager with relevant updates and changes that occur within the business so that the manager can make adjustments to the financial reports. Keeping these reports updated is essential to making accurate and timely decisions. In addition to these regular communications, a financial summary is sent to the partners each month.
As a small, privately-owned business with only two partners, BCH only had time to review their financial statements on an annual or semiannual basis. They now have the ability to review finances monthly using the monthly report Kreischer Miller provides. After engaging Kreischer Miller’s Outsourced Accounting Services, BCH now has timely, reliable, and accurate financial statements that are readily available for potential buyers.
Additionally, working with Kreischer Miller allows BCH to gain a great deal of insight into the financial reports to make more informed business decisions. Plus, the partners have more time to focus on their day-to-day business operations, which will ultimately help them increase profitability and, in turn, their attractiveness to potential buyers.
Outsourced accounting services allow BCH to concentrate on their business development while trusting the services that Kreischer Miller provides. Is your company considering a similar business strategy? Let’s have a conversation!