"As AAA Northeast geography continues to grow, we’re faced with consolidating financial information from multiple territories and separate accounting departments. By using a separate system that overlays the general ledger, its made our lives so much easier in terms of gathering data, importing it into one central source, and using Prophix to be the consolidation for us."
AAA NortheastRich Pacheco - VP, Finance & Administration
Aeglea BioTherapeutics, Inc., is a biotechnology company committed to developing enzyme-based therapeutics that use amino acid metabolism to treat rare genetic diseases and cancer.
Operating: Since 2013
Annual Revenue: 6 million
Aeglea BioTherapeutics, a leader in enzyme-based therapies for cancer and rare genetic disorders, sought out Corporate Performance Management (CPM) software to help them proactively react to a dynamic market. Using a cloud implementation from Prophix, Aeglea automated their core business processes, allowing them to analyze their performance and influence the direction of their organization
Before becoming publicly traded, Aeglea’s Office of Finance became concerned about their ability to react to an ever-changing market. They knew that once they secured financing, their strategic and operational plans would change, allowing them to grow and expand. However, their Office of Finance needed to be able to quickly update their forecasts to align with these new or revised strategies, as well manage and predict data related to complex clinical trials
When researching CPM software, Aeglea BioTherapeutics sought out a cloud-based implementation because they employ no internal IT staff. A cloud solution was also important because Aeglea’s executives, finance staff, and department managers require on-the-go access to information.
Aeglea chose Prophix because of its ability to dynamically aggregate department and project budgets, forecasts, conduct ad hoc financial analysis and management reporting all within a user-friendly interface in the cloud
After implementation, Aeglea BioTherapeutics was able to roll out Prophix to their accounting department, fully integrated with their NetSuite ERP. As a result, their Office of Finance has dramatically reduced the time it takes to roll-up individual budgets, produce personnel projections, conduct project reporting, set out cash adjustments and get final approval.
With their new budgeting capabilities, Aeglea can consolidate department and project budgets, produce historical financials, conduct personnel planning and make quarterly updates to their budget. Aeglea BioTherapeutics has also expanded their reporting capabilities to include flux analysis and trial expense reports, as well as profit & loss statements.
In addition, improved analysis and cash management allows Aeglea to better calculate clinical trial costs, by enabling project teams to track and monitor expenses
In the future, Aeglea plans to roll out Prophix’s Workflow capabilities to the larger company and automate the connection between their NetSuite ERP and Prophix.