Creating Finance, Accounting & HR Back-Office Solutions for a Biotech Start Up
THE CLIENT
A San Diego Biotech SaaS company.
THE CHALLENGE
Leadership was (and still is) so deeply focused and driven to innovate, develop, and manufacture cutting-edge imaging solutions that they encountered some challenges that made it apparent they could leverage Sayva Managed Services to implement finance and accounting back-office solutions. One challenge was linked to a previous financial leader who had kept the company’s financial information “under the sleeve” and did not share regular reporting. Formal reviews and formal financial statements were not being produced accurately, nor were they shared for transparency. Upon discovery of the lack of processes, protocols, and formal statements, leadership quickly realized the need to implement a solid accounting process to provide accurate financial information and create transparency with the Board.
There was not a solid, communicated commission payout process which brought up another challenge causing some morale issues with the sales team. They felt a lack of transparency because they were not informed of how the sales payout commissions were calculated nor how they were paid out. Additionally, a director who had been overseeing HR left the company while there were several important initiatives underway such as open enrollment for benefits and building a COVID prevention plan. The CEO contacted Sayva to discuss solutions and the ability to address and fix the business pain points they were experiencing, ultimately choosing Managed Services as the best solution to rebuild these key departments. As innovators and producers of potentially life-saving technology, leaders must focus on their mission and growth, yet the crucial functions must also be in place and work very well.
“Sayva was brought on to replace and elevate our finance and accounting operations. They did an excellent job understanding our goals and current shortcomings. Their team effectively provided solutions allowing our company to have more visibility and accuracy to our overall performance. They continue to provide the daily support needed to help us grow the business. Our executive team can focus on sales strategy, fundraising, and provide timely reporting to the board. As we continue to grow, Sayva is the ideal strategic finance and accounting partner.” — CFO/Interim CEO
THE SOLUTION
Sayva’s Managed Services FA team planned, developed and performed the hands-on work to address the firm’s finance and accounting challenges:
- Implemented QuickBooks online for their accounting system
- Converted the books from a cash basis to an
accrual basis - Reviewed & cleaned up AR back to 12/31/2021
- Cleaned up GL
- Bill pay & expense reporting
- Created monthly financial statements
- Prepared monthly financial packages for the Board
- Attended Board Meetings
- Implemented a balance sheet workbook with supporting schedules
- Created invoice templates
- Created order form templates
- Implemented budget forecasting
The FA team also developed and implemented the following solutions:
Created and implemented:
- Deferred revenue SOP
- Invoicing SOP which communicated the essential details for accurate and timely invoicing and revenue recognition to the finance team
- Developed, implemented, and communicated a new Sales Commission SOP
- Developed and implemented SOP’s for AR and for Bill.com
- Created Fathom reports and Board packages
- Implemented month-end workbook and P&L review
The Sayva Managed Services HR team developed and implemented a variety of ways to solve the firm’s human resources challenges:
- Led implementation from one HRIS to a new system within the first 3 months of onboarding
- Managed & completed the benefits open enrollment period
- Ensured all data for open enrollment was entered in the system correctly
- Developed a HR Handbook for the company
- Assisted building the COVID prevention plan
- Organized the HR files
- Run payroll on a regular basis
- Act as the main POC for the company, answering all employees’ HR-related questions
The Managed Services HR team also performed the following services and solutions and continues to do so to this day:
- Perform all HR administration with the company’s employees
- Perform onboarding, offboarding and terminations with the company’s employees
- Handle all touch points from onboarding a new employee to an employee termination/ resignation
- Support all employee HR requests
Despite going through a major organizational transition with an executive departure, the company experienced very limited attrition
during this period.
As Sayva continues to work with this client, they will be implementing a performance management system that ties employee growth and compensation to the performance goals of the business.
They will also execute additional employee engagement initiatives to boost morale and help build a reputation as a best-in-class workplace.
CONSULTANT TESTIMONIAL
“Sayva HR Services came in to evaluate, recommend and provide employment solutions and close various gaps in our HR operations. Their expertise was quickly noticed and provided a more structured and accurate resource that could support our internal team effectively. They implemented the necessary policies and procedures to ensure our business is compliant in its operations. Sayva continues to provide daily support allowing our employees to have a dedicated resource to answer and resolve any HR needs. We are confident Sayva is the best HR partner as we continue to grow.”— CFO/Interim CEO
RESULTS
Just one example of cost savings that was realized by using HR Managed Services: the number of hours multiplied by the fee was a 68% savings compared to what it would have cost to hire a full time HR Director.
Overall, Sayva Managed Services was able to give the client clear visibility into the financial and human capital operations of the business. They now have timely and accurate information for their current and future booked revenues as well as precision for the future timing of cash inflows.
The Board of Directors and Executive Team are now equipped with the finance, accounting, and HR information needed to make critical business decisions.
Despite going through a major organizational transition with an executive departure, the company experienced very limited attrition
during this period.
As Sayva continues to work with this client, they will be implementing a performance management system that ties employee growth and compensation to the performance goals of the business.
They will also execute additional employee engagement initiatives to boost morale and help build a reputation as a best-in-class workplace.
ABOUT SAYVA SOLUTIONS
From the startup phase to corporate expansions, growth brings unique challenges and great opportunities. Sayva provides strategic experts and experienced consulting teams to help businesses succeed and thrive at every stage of growth. Focused on optimizing back-office operations, our finance, accounting, and HR consultants change your business for the better by adding the knowledge and team members needed to rise to the challenges ahead. Our teams work nationwide to support businesses across all industries and sizes.
