Peopleflex

Relocated accounting and reporting operations from California to Delaware and managed SEC reporting

Company Background: Incyte is a publicly-traded global drug development and discovery company whose clients 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 scope, the initiative was further complicated by the fact that only one of the employees from the Palo Alto Finance and Information Technology departments would be moving to Wilmington. Incyte needed its accounting and SEC reporting functions to continue uninterrupted, while rebuilding its accounting department in Wilmington during the transition period.

Peopleflex Solution: A team of Peopleflex contractors worked with AC Lordi Consulting to develop a plan that would ensure a seamless transition. We recruited and trained new accounting staff for the Wilmington location, coordinated knowledge transfer from Palo Alto to Wilmington, and provided day-to-day accounting services until the new permanent staff was in place in Wilmington. During the transition period, our contractors managed accounting functions including general ledger maintenance, closing and consolidation, accounts payable, purchasing, payroll, stock administration, external reporting, financial systems, and treasury.

Value Delivered: Our expertise and collaborative approach allowed Incyte to manage a difficult situation without adversely affecting other areas of its enterprise. Our skilled contractors 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 team was completed on schedule and under budget. Additionally, Incyte was able to staff its accounting department with full-time employees hired in part from the contract staff utilized during the transition.