Transforming Financial & HR Admin Operations for Bionews Inc.
Case Study
bionews inc.
INDUSTRY
Healthcare Media/Publishing
COMPANY SIZE
$10-20M revenue | 55 FTE
ENGAGEMENT DURATION
3.5 years (since October 2023)
KEY CONTACT PERSON
Chris Cornish, Founder and CEO
background
Bionews Inc., a leading media and publishing company dedicated to serving rare disease communities. With multi-millions in revenue and a rapidly growing team, Bionews had ambitious plans for expansion. However, limited financial visibility and inadequate strategic support were hindering its ability to scale effectively.
challenges
Before partnering with Colson Strategies, Bionews faced significant financial and operational hurdles:
Limited Financial Visibility: The company relied on using QuickBooks Desktop, with financial statements provided only on a quarterly basis—and often containing errors.
No Real-Time Access to Data: The CEO had no direct access to financial records, making it difficult to track profitability, forecast performance, or manage cash flow.
Inefficient Financial & HR Processes: Manual workflows created inefficiencies, and there was no structured approach to budgeting, forecasting, or expense management.
Cash Flow Uncertainty: Without predictive tools, leadership struggled to assess financial health, creating challenges in managing cash reserves effectively.
For a company with aggressive growth goals, operating without clear financial insights was unsustainable.
solution
In October 2021, Bionews engaged with Colson Strategies to overhaul its financial operations and provide full-service accounting and admin HR support. Colson conducted a comprehensive assessment, identifying key inefficiencies and implementing tailored solutions to drive long-term success.
Key Initiatives Implemented:
Financial System Overhaul: Migrated financial operations from QuickBooks Desktop to QuickBooks Online, integrating Bill.com for automated bill pay.
Real-Time Financial Insights: Established dynamic forecasting models and department-level budgeting processes to enhance decision-making.
Cash Flow Optimization: Developed a predictive cash flow model, reducing uncertainty and improving liquidity management.
Expense Optimization: Conducted detailed cost analyses to eliminate inefficiencies and redirect resources toward strategic growth initiatives.
HR Process Streamlining: Took over payroll processing, benefits administration (including open enrollment), and employee onboarding/offboarding, ensuring seamless operations.
With these improvements, Bionews transitioned from reactive financial management to a proactive, data-driven strategy.
results
27% revenue growth
With accurate financial data and strategic insights, leadership made informed decisions that fueled revenue expansion.
increased profitability
Expense analyses and cost-cutting initiatives freed up resources for key growth investments.
Stronger Cash Flow Management
Predictive modeling, combined with a structured accounts receivable collections process, reduced outstanding receivables by 10%, enhancing financial stability.
Enhanced Decision-Making
Reliable budgeting and forecasting enabled leadership to plan for the future with confidence.
conclusion
By partnering with Colsen Strategies, Bionews transformed its financial and HR operations, gaining the visibility, control, and strategic insight needed to support its ambitious growth. BioNews has now grown from $6.5 million in revenue in 2021, to a target goal of $16 million this year. Today, the company operates with greater efficiency, stronger financial health, and a clear path toward long-term success.
testimonial
“As a founder, it’s tough to let go of certain functions within the organization. Finding people you have full faith and confidence in is very challenging. We are very fortunate to have made the right decision in partnering with Colson Strategies as we prepared for a continuous growth phase with Bionews.”
— Chris Comish, Founder & CEO, Bionews Inc.