The United BioSource Corporation (UBC) is a leading provider of pharmaceutical support services, partnering with life science companies to make medicine and medical products safer and more accessible. Pertaining to their financial records, UBC housed no discernible connection between invoices and costs. Therefore, operating within FASB/IASB revenue recognition regulations proved challenging to the organization.
Smartbridge lead the task of get UBC equipped with the “bleeding edge” of JD Edwards revenue and profit recognition software, while maintaining field reporting for costs consumed and revenues received. This required various customizations to UBC’s financial system across multiple departments, including all levels of management.
Through applied expertise and innovative solutions, Smartbridge recognized and overcame multiple milestones to ensure UBC remained in FASB/IASB regulations. The ability to calculate percentage complete based on cost rather than revenue now gave a much more accurate picture of project status. Further, the manual efforts of finance personnel was significantly reduced, while maintaining accurate and timely reporting to Senior Management.