The CFO services and performance improvement services provided by Practus assisted the dermatology company in optimizing cash flow monitoring and reducing group monthly reporting timeline consumption by 40%.
|Client||ROI||Industry||Ownership||Management||No. of Employees||Size||Project Duration|
|A Dermatology Company||10X||Personal Care||Private||Professional||30||$2 million||12 months|
About The Company
Derma SkinCare is a fully owned Indian subsidiary that distributes approximately 30 skincare products obtained from its privately held European dermatology-focused parent company. With a group turnover of approximately $790 million, the global brand has been serving skin biology for over 35 years. The organization has been a trailblazer in dermatological care.
Practus’ Role in Finance Transformation
- Take control of the incumbent accounts team.
- Procurement efforts are coordinated with European parents companies.
- Take care of the import paperwork and bank accounts.
- Assess the profitability and price of products.
- Prepare a budget for many scenarios.
- Use variance analysis to report month-end earnings and losses.
- New GST legislation implemented throughout all of the company’s businesses.
- Working capital LC facility.
Impact Delivered in Finance Transformation
- By renegotiating the terms of the agreement, we were able to obtain an increased trade discount of $0.16 million from a parent.
- Within the ERP system, cost-center accounting was implemented.
- Provision of accurate budgets on time as per format. Cascading and monitoring of salespeople’s budgets.
- $10,000 in GST credits were discovered to be unutilized.
- Devised an altogether new India-wide MIS Framework and reduced group monthly reporting timeline consumption by 40%.
- Parental funding remittances and cash flow monitoring have been improved.
- An LC facility worth $300,000 was sanctioned and the rate of interest was reduced by 0.5% per annum.