Tanner Pharma is a US pharmaceutical supply chain company that has been providing medicines across international borders for over 15 years. Tanner Pharma were expanding their operations and opening a UK subsidiary, but were looking to appoint a third party to provide a fully outsourced finance function. As part of this process, they undertook due diligence on local Accountancy firms they felt had the right size and skill sets to meet their needs. Following a previously unsuccessful partnership with another firm, Visionary Accountants were selected to move forward and resolve some issues that had arisen during the first year.
The initial challenge followed the fact that Tanner Pharma had not been receiving their Management Accounts from the existing Accountancy firm. The situation was further compounded by the difficulties that were being faced while trying to open a UK bank account. This particular issue was causing significant problems.
It was known that, once the systems were set up, there would be the challenge of dealing with the various US-UK tax implications on trade, especially VAT and duty excise. This was an area where more specialist support would be required.
Overall, the challenge was to establish an outsourced financial system and management information reporting structure that could undertake the complexity of cross border trade whilst also running the day-to-day financial accounts.
The initial phase provided the smooth transition from the previous Accountancy firm to Visionary, which included the move to new Enterprise Software. Once the initial transition was complete, new financial procedures and controls were introduced which provided the framework for the policies required for dealing between the US and the UK.
Structured monthly reporting was created to ensure that the close financial control continued and that sound decision making could take place based on the true financial position. In addition, the payroll process was set up with Auto Enrolment pensions processing established and procedures were put in place to ensure the company was tax compliant.
Visionary Accountants were appointed to handle the relationship with the UK banking services provider. Many face-to-face meetings were arranged with the Bank Manager and eventually it was possible to resolve the long-standing issue of opening the various bank account facilities required to handle day-to-day transactions as well as currency exchanges between the US and UK and around the world.
Visionary Accountants USP
The unique differences that set Visionary Accountants apart from other firms is the ability to have a direct and hands on approach and thus being able to deliver the complete finance service for Tanner Pharma. It also includes the ability to deal with the set-up from scratch of the entire system from bank accounts, through to import/exports and finally the detailed monthly management reporting.
Why Visionary Accountants
Tanner Pharma chose Visionary Accountants for the all-round service that could be delivered, from setting up the entire financial systems and procedures at the start through to running the day-to-day financial needs of the company. This even included the delivery of staff training.