Following FDA approval for its drug product, a biotech company engaged Stout to develop a manual inventory and cost accounting process outside of its existing accounting system, utilizing Excel.

We provided a comprehensive solution by designing and implementing an overhead costing model, creating an inventory cost tracking file to monitor inventory movements, and preparing monthly inventory rollforward reports. Additionally, we documented the costing methodology for inventory produced prior to FDA approval, established and documented SOX controls, and drafted a detailed technical accounting memo. We also supported the company during its year-end audit and provided ongoing ad-hoc assistance.