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Innovative Biotechnology Company Modernizes Operations to Streamline Financial Management, Reporting and Control

01/31/2019

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Fast growing healthcare biotech company, Amplyx Pharmaceuticals, chooses LBMC Technology Solutions to gain greater visibility and deliver streamlined management, reporting and control of its financials

Amplyx Pharmaceuticals is committed to developing life changing medicine, with a focus on solutions for patients with vulnerable, immune-compromised systems that face deadly fungal pathogens. As an innovative pharmaceutical and biotechnology company, one of the biggest challenges is managing the expenses of clinical trials. Clinical trials require a tremendous amount of purchasing, tedious bank reconciliation, complex project allocations and reporting for the labor of doctors, scientists, nurses, monitors, project managers, laboratory and equipment costs, as well as other fees.

As a privately held company whose drug discovery and development efforts are supported by significant venture capital investment and grants from the National Institutes of Health, providing financial insight to stakeholders across the business is imperative. Previously, Amplyx’s finance team leveraged on-premise accounting software that failed to scale effectivity as the company expanded and increased transaction volumes. The purchase order requisition and bank reconciliation processes were cumbersome and involved a great deal of manual entry, leaving room for errors. Amplyx realized it needed a more powerful ERP solution that would eliminate the duplicate data entry necessitated by having data held in their accounting software and in separate spreadsheets.

“We decided to work with LBMC Technology Solutions as our business partner. They took the time to understand our business so that they could help us deploy the tool in a way that was going to benefit our business the best.”

Solution

After choosing LBMC Technology Solutions as their business and implementation partner, Amplyx made the switch to Sage Intacct’s financial management software. Since selecting Sage Intacct, Amplyx has reduced the amount of time spent doing tedious manual entry; providing an immediate return on investment from the solution in terms of time savings. Tasks such as consolidations, project accounting, billing, purchasing, and time and expense management have been improved. Monthly and year-end financial closes are now efficient and stress free.

With Sage Intacct Amplyx has greater financial visibility that wasn’t previously available using the built-in dimensional reporting and dashboard capabilities. These features make the cost management of the trials easier, while empowering strategic decision making for the executive staff. By using the purchase order workflow capability within Sage Intacct, Amplyx was able to modernize its previous paper-based workflows for thousands of purchase order requests – all the way from requisitions, orders, and sign-offs, to invoice approvals and payments.

The Sage Intacct solution also allows the organization to process a higher volume of financial transactions and manage growth without the need of adding additional headcount. This supports Amplyx’s need to focus on bringing life-saving treatments to market, while minimize operating costs.

Looking to the future, Amplyx plans on expanding the cloud-based platform to support multi-currency and revenue recognition modules.

Results

  • Significant reduction in time spent on current manual processes due to lack of functionality of QuickBooks
  • Strong financial controls with real-time reporting, providing information necessary to manage future business growth and costs of trials
  • Eliminate manual reconciliation processes with bank accounts to speed up month-end close
  • Process higher volumes of financial transactions and manage growth without the need of adding additional headcount

Posted in: Technology Services