CytomX Therapeutics, a life sciences company, faced significant challenges with its manual and inefficient accrual process. The reliance on Excel and an off-the-shelf solution led to time-consuming reconciliation, inefficient collaboration, and data accuracy issues. Partnering with SoftwareX and implementing a custom Smartsheet solution, CytomX achieved remarkable results:
Reduced quarterly reconciliation time by 67% (from 2-3 weeks to 1 week)
Streamlined data preparation and auto-generated journal entries led to significant efficiency gains.
Improved data accuracy and confidence
Enhanced collaboration and visibility
Saved 2 weeks of effort for the finance team every quarter
The entire process…from purchase order report preparation to journal entry upload…reduced from 4-5 weeks to 2 weeks for the finance team. - Simon He, FP&A Director, CytomX
The Challenge
CytomX's lab contract services expenses involved a complex manual process. Data preparation was time-consuming, requiring multiple downloads and reconciliation rounds. Purchase order owners lacked easy ways to input their accrual estimates, and relying on Excel spreadsheets raised concerns about data accuracy and version control. The entire process stretched over 2-3 weeks, causing delays and inefficiencies.
The Solution
CytomX collaborated with SoftwareX to design and implement a custom accrual management solution using Smartsheet. The integrated data with Coupa, CytomX's procurement system, via Smartsheet Data Shuttle ensures an easy no-code process to accurate data.
Purchase order owners had their own views in Smartsheet Dynamic View to easily submit their accrual estimates within the Smartsheet platform. Standardized forms guided data entry for improved accuracy, and built-in analytics via Smartsheet formulas, reports, and dashboards provided insights into spending patterns and potential discrepancies.
The Results
The impact of the Smartsheet solution was immediate and significant:
Reduced quarterly reconciliation time by 67%
CytomX now completes the entire reconciliation process in just 1 week, thanks to automated data refreshes and streamlined workflows.
Improved data accuracy and confidence
Enhanced collaboration and visibility
Saved 2 weeks for the finance team every quarter
Beyond the Numbers
The success of the Smartsheet solution extends beyond quantifiable metrics. CytomX now enjoys a more efficient, transparent, and data-driven accrual process. The improved collaboration between purchase order owners and the finance team fosters a culture of accountability and proactive management. With accurate and timely data readily available, CytomX can make informed decisions about resource allocation and optimize lab contract spending.
All of these capabilities in the solution have helped increase accuracy. - Simon He, FP&A Director, CytomX
Conclusion
CytomX's story is a testament to the power of Smartsheet in transforming complex financial processes. By partnering with SoftwareX and leveraging the flexibility and power of Smartsheet, CytomX achieved significant efficiency gains, improved data accuracy, and enhanced collaboration, paving the way for continued financial success.
Take Action: Uncover How Smartsheet Can Help Your Teams
Ready to see how Smartsheet can help automate your teams financial and operational processes? Assess your organization's readiness with this simple checklist:
Data Integration: Do you struggle to access and analyze financial data across teams systems?
Workflow Efficiency: Are manual tasks and repetitive processes consuming valuable time?
Strategic Insights: Can you readily identify cost drivers, budget variances, and potential risks?
Team Collaboration: Do communication gaps and information silos hinder budget tracking, forecasting, or reconciliation?
If you check any of these boxes, then integrating with a collaborative work management tool like Smartsheet might be your map to success. Contact us today for a personalized consultation and discover how Smartsheet can empower your organization to navigate the dynamic business landscape with clarity, efficiency, and profitability.