Biotechnology (IL)
GLS reviewed the accounting policies of the client ahead of their 2022 FYE close, while pinpointing potential areas of improvement.
Project Background
The Issue
Given that the company operates in an industry where inches and millimeters are significant margins, they wanted to ensure that their financial reporting is as precise as the equipment they produce. We were tasked with reviewing key accounting policies, interpretations, and procedures for the FYE 2022.
Our Solution
Our project team was made up of specifically a combination of members that come from operational accounting backgrounds and audit backgrounds. The key to tackling the issue was the shared experience of these two fields. Through a proven consulting model of identifying strong points, areas of improvement, and core values within their department we were able to deliver a satisfactory result for the client.
The Result
The final project hand-off consisted of a detailed presentation, which visually presented our findings and recommendations, and a thorough playbook that went in detail on how to ensure that what the client is doing right continues so, and how to tackle areas where there is room for improvement.
Based in Illinois, the client's mission is to provide the latest equipment used in the biotechnology industry worldwide. Knowing the importance of highly specialized and accurate equipment for the specific industry, the client delivers just that to its customer base.
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