Practus’ assisted the agricultural biotech company in implementing the approval process workflow and performing month closing activities.
|Client Name||Industry||Ownership||Management||No. of Employees||Size||Project Duration|
|Antoms||Agriculture||MNC||Public Ltd Co.||~500||~$75 million||24 months|
About The Company
Antoms is an American agrochemical and agricultural biotechnology company. It was one of the first companies to apply the biotechnology industry business model to agriculture, using techniques developed by biotech drug companies. In this business model, companies recoup R&D expenses by developing biological patents.
- There was a requirement of complete, accurate, and timely month closing and circulation of statutory financial operating results for 3 entities to the government agencies and parent company.
- Timely adherence to and payment of statutory compliances by all Indian legal entities.
- Internal process efficiency was one of the concerns for timely completion and submission of reports to the parent company, which included:
- Single point accountability for all internal controls, SOX, and Internal audit requirements.
- Statutory compliances.
- Perform all month closing activities defined in the month closing checklist and ensure closure. This included:
- To perform all month closing activities for all the entities.
- Statutory compliances working and payment.
- Monthly MIS of all the entities.
- Rolling forecasts, budgets vs. actuals, forecasts vs. actuals.
- Analysis of business performance and Board presentation.
- PVM Analysis for various seasons.
- An approval process workflow was implemented to review product prices in Salesforce.
- Enhance the maneuvering skills in Data One software.