The CDx Finance Team has continued to orient new developments around its three key priorities of Processes, Platforms, and People.
Processes
Year End Audit: The team successfully completed the annual audit within a shorter timetable than last year and without any findings. Thanks to everyone in the company who helped with this process.
TCD U.S. merger: The team completed the transition and integration of Technopath USA business into the LGC Clinical Diagnostics, Inc. (LGC CDx) legal entity. The results are now included in monthly reporting for Clinical Diagnostics beginning with April’s reporting.
Tracking new product development (NPD) costs by project: The Finance team piloted tracking NPD costs by project in SAP as part of the MSC merger. Using lessons learned from the pilot, they plan to deploy this to all NPD projects in Clinical Diagnostics within SAP with the support of product development colleagues in September 2022.
Business controls: All CDx entities have been working on implementing a more comprehensive internal controls framework through a Group-initiated project to implement a more effective and efficient internal controls structure. This project, which will make processes more consistent and leverageable across the organization, will continue to progress throughout FY23.
Platforms
Accelerated sales tax registrations: We are now registered in all required states, bringing LGC CDx into full compliance with sales tax registrations in the U.S. The team has started collecting taxes in all newly registered states effective April 1, 2022. Completion of this project is a major milestone, positioning the business to be in full compliance for economic NEXUS filing requirements in all applicable U.S. states. Congratulations to the team and to Brian Garrity for his assistance from a Tax Compliance perspective!
People
Finance made a successful hire of a new Cost Accountant, Emmanuel Obeng-Asiedu in the LGC CDx business, who will assist in improving the team’s bandwidth and work with manufacturing to improve cost analysis and reporting. Welcome aboard Emmanuel! Finance is continuing to recruit for open positions in the LGC CDx Finance structure to address ongoing demands and improve bandwidth in the team while working on integrating and training existing team members.
