Case Study: Outsourced Accounting for Life Sciences Industry

Plumb and AntiCancer, Inc. Celebrate Decade-Long Relationship with Outsourced Accounting

outsourced accounting life sciences

Client: 

Founded in 1984, AntiCancer, Inc. is one of the oldest independent biotechnology companies in the booming San Diego cluster.  The private cancer research and development company began with just five part-time employees, and has since grown tremendously in technology, product development and commercialization.

Challenge:

In 2003, AntiCancer, Inc. had one full-time bookkeeper handling basic accounting functions.  The life sciences company was growing rapidly and tried using an outside accounting firm, but were left dissatisfied.  Plumb was retained for their expertise in outsourced accounting for life sciences industry and got up to speed almost instantly.  Plumb immediately updated AntiCancer, Inc.’s accounting and financial systems and provided them with customized tools to view their financial information in a manner that empowered the company to make informed business decisions.

“Plumb helped us update and enhance our financial and accounting systems in short order; they are a true resource and provide us with tools to effectively manage our accounting process on an ongoing basis,” said Dr. Hoffman. “Plumb helps us keep our financial house in order and provides support whenever we need them.”

Solution:

With the fast pace of the life sciences industry, having the right accounting staff aboard is even more important.  From start-ups to publicly traded companies, Plumb has put powerful systems in place to provide what innovative and growing companies need to effectively manage their business while focusing maximum resources to their core business.

Outsourced Accounting for Life Sciences Industry:

  • Core Plumb Services (outsourced Bookkeeping, Controllership, and CFO services)
  • Full, Partial or Project Outsourcing
  • R & D ROI Analysis
  • Vendor Management
  • Investor and Board Communications
  • Performance Indicator Development
  • SOX Preparation/Consulting
  • M&A Resources
  • Cash Flow Analysis
  • Cash Management
  • Financial Modeling and Budgeting
  • Fundraising Support

Results:

The long-term relationship between AntiCancer, Inc. and Plumb is based on trust and dependability.  Plumb works with the company’s internal accounting department by providing the additional resources and CFO-level leadership when necessary.  Plumb prepares financial statements and month-end reports and analysis to give AntiCancer, Inc. the necessary support to operate effectively and efficiently.

“Plumb is always there for us when we need them,” said Dr. Hoffman.  “The guidance and personal level of service they provide is unparalleled.”

For more information about accounting outsourcing for life sciences industry, contact Plumb

About Plumb:

Founded in 1996, Plumb’s mission is to help entrepreneurial companies and high-net worth individuals achieve their business and financial goals by providing an unparalleled array of customized, effective and trusted accounting services, software and counsel.  Through proprietary systems, Plumb becomes a highly effective extension of internal client operations, ensuring timely, dependable and cost-effective results.  Plumb is an authorized Sage and NetSuite solution provider.