Region: Philadelphia
Industry: Pharmaceutical,Life Sciences
Service Line(s): Accounting Services
Relocated the accounting and reporting operations from California to Delaware for this publicly traded company.
“As a financial executive at a publicly-traded company, it is comforting to know that I can call on AC Lordi to provide high quality resources on an as-needed basis that are cognizant of the requirements of the SEC and other regulatory authorities. I’ve worked with AC Lordi for five years at two different companies and have been thrilled with the outcomes of the their projects.”
Scott W. Hurley, VP - Finance
Company Background:
Incyte is a leading global drug development and discovery company whose client's include many of the world's leading pharmaceutical and biotechnology companies
Business Challenge:
Incyte decided to restructure its business and move its corporate headquarters from Palo Alto, CA to Wilmington, DE. Aside from the obvious challenges associated with a transition of this size and distance, the initiative was further complicated by the fact that only one of the employees from the Palo Alto Finance and IT Departments would be making the move to Wilmington. Incyte needed its accounting services to continue uninterrupted, while rebuilding its Accounting Department in the Wilmington location during the transition period.
AC Lordi Consulting Solution:
AC Lordi worked closely with Incyte to develop a plan that would ensure a seamless transition. Our AC Lordi team, supported by Peopleflex Accounting Professionals contractors, partnered with Incyte personnel to recruit and train new accounting staff for the Wilmington location, coordinate knowledge transfer from Palo Alto to Wilmington, and provide day-to-day accounting services until Incyte had a permanent staff in place at Wilmington. We also offered guidance on a variety of financial issues, including financial reporting and Sarbanes-Oxley compliance.
Value Delivered:
Our expertise and collaborative approach allowed Incyte to manage a difficult situation without adversely affecting other areas of its enterprise. Our engagement team helped to transition all of Incyte's accounting and financial operations to Wilmington including payroll, treasury, accounts receivable, and accounts payable. Knowledge transfer from the Palo Alto to the Wilmington finance team was completed on schedule and our staff worked with new Incyte staff to bring them up to speed on the company's policies and procedures. Additionally, Incyte was able to staff its Accounting Department with full-time employees hired in part from temporary personnel placed by our staffing partner Peopleflex Accounting Professionals during the transition.