Peopleflex

Re-engineered consolidation and close processes, wrote accounting policies and procedures, and improved financial analysis and reporting.

“For the Lippincott Williams Wilkins engagement, we were faced with an extensive amount of complex work which was held to rigid deadlines. Peopleflex provided me with an unlimited staff necessary to complete the project ahead of schedule. The Peopleflex contractors became a seamless part of my team and more importantly gained the respect of the client.”

Mike Riddick, Manager - Accounting Outsourcing, Lordi Consulting

Accounting Outsourcing

Company Background:

Lippincott Williams & Wilkins (LWW), owned by the multi-national company Wolters Kluwer, is a leading international publisher of professional health information for physicians, nurses, clinicians, and students.

Business Challenge:

LWW has undergone three separate mergers over the last seven years. When coupled with two reorganizations, employee turnover, and disaggregated financial systems, the company was left with a decentralized environment with parts of the business that were not fully integrated and in need of a more efficient reporting process. Under direction from the new management team of the parent company, LWW was challenged with improving closing and consolidation procedures, formalizing accounting policies and procedures, enhancing financial analysis, and providing more timely reporting to their parent.

Peopleflex Solution:

Peopleflex assembled a team of individuals with varying experience – some had broad skills ranging across many disciplines while others had deep accounting knowledge in specific areas. The team began a comprehensive reconciliation effort, examining every balance sheet account, and working closely with LWW’s CFO and Controller to develop standard operating procedures for the completion of these reconciliations and numerous other accounting initiatives, including:
    ·         Pre-Sarbanes-Oxley assessment and review of financial reporting controls
    ·         Development of procedures for all processes
    ·         Month-end close support
    ·         Detailed analysis of complex accounts
    ·         Development of new financial organizational structure with adjusted responsibilities

Value Delivered:

Peopleflex’s staff augmentation enabled LWW to meet its tight deadline for reconciliation of its balance sheet accounts. The standardized processes we developed for the LWW accounting department streamlined the account reconciliation process and readied the Company for compliance with Sarbanes-Oxley. We also improved operations by writing and implementing standard accounting policies and procedures, enhancing financial analysis, and developing processes for timely reporting to their parent company.