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Biotech Firm Optimizes Financial Processes Amid Major Transition with Solaris
Homology partners with Solaris to streamline financial operations, ensuring precision and continuity during critical growth initiatives.
Homology Medicines, a prominent biotechnology company in Greater Boston, was navigating multiple high-stakes initiatives simultaneously. As they entered a joint venture, their finance team temporarily assumed oversight of the new entity’s finances while also transitioning to a new ERP system. Coupled with a year-end audit, the finance team faced an immense workload, requiring support to maintain their high standards of accuracy and efficiency during this critical period.
Note: Homology Medicines merged with Q32 Bio Inc. in 2024.
The Challenge: Balancing Multiple Priorities
Homology’s finance team recognized the complexity of managing finances for both their company and the newly created joint venture. The flow of expenses between the two entities became a challenge, complicated by inconsistencies in data sets and unique identifiers. Additionally, the ERP conversion and the approaching year-end audit compounded the pressure. Homology needed a trusted partner to help them manage the intricacies of these transitions while maintaining operational excellence.
The Solution: Hands-on Support & Tailored Processes
Solaris stepped in with a hands-on approach, applying their deep expertise in financial operations and ERP systems. With precision and efficiency, Solaris swiftly identified data inconsistencies, categorized issues, and created tailored processes for the joint venture. Solaris assumed ownership of critical tasks, enabling Homology’s finance team to refocus on strategic priorities. Solaris also provided critical support during the ERP conversion, ensuring a smooth and timely transition without compromising quarter-end close.
“Staff is professional, credentialed and nice to work with. Sometimes it can be challenging to work with different people, but never felt that way with the people at Solaris—very personable and professional people.” — Chip Michaud, former VP Finance, Homology
The Impact: A Flawless Transition
With Solaris’ white-glove service, Homology was able to maintain their high operational standards throughout the joint venture and ERP transition. Solaris’ refined processes alleviated the burden on Homology’s team, ensuring continuity during the year-end audit and seamless onboarding of new staff to manage the joint venture. The result was a flawless financial transition that upheld Homology’s reputation for excellence.
ERP & Systems Implementation Support Services
With Solaris' proactive, hands-on support, Homology navigated multiple critical financial transitions with ease. Homology ensured flawless execution during a period of intense growth and change, securing long-term success for both their company and their joint venture.
Interested in achieving the same level of precision and confidence in your financial operations? Contact Solaris to learn how our hands-on expertise can help you navigate complex transitions, streamline processes, and set your organization up for long-term success. Let us be your trusted partner in tackling your most critical accounting challenges.
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