31 August 2020
16 September 2020

Helping CNS save $5k a month while building financial processes and systems so they could employ in house

The Company

Clinical Network Services (CNS) is an integrated service group focused on product development headquartered in Australia with offices in New Zealand, the UK and the USA. CNS creates value for small-medium sized biotechnology companies by progressing early stage products through phase 1 & 2 clinical trials or the marketplace sooner.

The Challenge

When we first met CNS in 2017, they were a fast-growing business with a large group of entities. Due to the speed of growth, they needed assistance to manage the increasing workload before hiring a full-time Chartered Accountant (CA).

The Solution

After performing a review we sat down with CNS leadership team to fully understand the business, as well as their short term and long term goals. We assisted with the day to day accounting and bookkeeping work, putting one of our team in the business two days per week and performed a full assessment of their financials. We built custom financial reports and developed a financial plan, setting clear targets so they could achieve their goals. From there we set about establishing and documenting high-quality accounting systems and processes. As CNS grew, we helped manage the transition to an in-house finance team, working alongside the new staff until they got up to speed before scaling back to a one day a week support role.

The Results

CNS benefited from an immediate saving of $5k per month by outsourcing their day to day bookkeeping and accounting function to TINKA’s experienced team. As the company grew they were able to leverage the full experience of our team to build top-quality in-house systems and processes, which resulted in a seamless transition to working in-house. We delivered a variable cost solution until CNS were ready for the new hire (fixed cost), all at a fraction of the price of a full-time wage. CNS achieved their financial targets and have now been acquired by a major multinational. We are proud to still work with them today.

"Trent and Sylvia from TINKA have overseen the project in an outstanding way. They both have extensive experience and their support has been invaluable. We couldn’t have done this without them."

Hanna De Vries, Finance Director of CNS

Services:

  • Bookkeeping
  • Reporting
  • Transitioning