At a glance

Psychemedics, the global leader in hair drug testing, recognized the opportunity to modernize its finance operations to keep pace with the company’s growth and expanding reporting requirements. The finance team was already meeting reporting and compliance deadlines, but leadership sought a platform that would streamline workflows, enhance forecasting capabilities, and provide real-time insights to support faster, more strategic decision-making.

After implementing Cube, Psychemedics achieved measurable improvements: a 30% reduction in reporting and close time, faster audit readiness, and interactive dashboards that give leadership immediate visibility into performance. These improvements have allowed the finance team to focus more energy on analysis and forward-looking planning while maintaining strong confidence in financial data and compliance.

Challenge

Modernizing for Growth

When Daniella Mehalik joined Psychemedics to lead their finance organization in late 2023, she brought a background in enterprise financial systems and a track record of driving scalable processes. She saw an opportunity to transition the company’s finance operations to a platform that could match the pace of a growing, publicly traded organization.

The goals were clear:

• Increase efficiency by reducing manual, repetitive processes. 
• Enhance reporting and forecasting to support strategic planning.
• Strengthen visibility for leadership with interactive dashboards.
• Streamline audit preparation without compromising compliance.

Solution

Familiar Software with Modern Simplicity

Drawing on her experience with Essbase, Daniella recognized Cube’s familiar modeling foundation but was impressed by its intuitive, user-friendly interface.

• Seamless integration with existing systems: Cube connected directly to Psychemedics’ Microsoft Dynamics 365 Business Central, eliminating the need for duplicate data handling. “We can now grab the data directly from the system without having to wait,” Daniella confirmed.
• Intuitive modeling: Cube allowed the team to quickly adopt advanced financial modeling without the complexity of code-intensive systems. Daniella noted that “Cube is a user-friendly model for anyone to use, not even just financial individuals."   
• Excel integration with better control: The team—including non-financial personnel—retained the familiarity of Excel while gaining stronger version control and collaboration.
• Enhanced dashboards: “Leadership gained real-time, drill-down capabilities,” Daniella said. “It supported faster and more informed decisions.”

Results and impact

Efficiency gains and scalability

Psychemedics achieved measurable improvements across all areas of its finance function:

• 30% faster close and reporting cycles: Key processes now update "with a click of a button," in Daniella's words, freeing the team to focus on value-added analysis.
• Audit readiness improved: Cube's automated data connection streamlined the preparation process and improved transparency. "It's important for us to get that information quickly," Daniella noted, and Cube has simplified the audit process by keeping everything smooth and timely.
• Greater confidence in data: Leadership can now access real-time financial insights with consistency and reliability. "I can give answers to them with a click of a button if I don't know it right then and there," Daniella shared about her board meetings.

Empowering the finance team

Cube has enhanced the team's ability to focus on analysis and strategy rather than repetitive tasks. The technology has increased collaboration and enabled the team to take on higher-value initiatives that contribute directly to business growth.

Cultural benefits

The transition to Cube has also strengthened engagement within the finance team. "Cube has made our processes not just faster, but more rewarding," Daniella shared. "Our team has more time for meaningful work that supports the company's growth."

Looking ahead

Expanding capabilities

Psychemedics plans to continue expanding Cube’s integration into additional areas, including operational data connections, enhanced cash flow modeling, and further automation to support growth and long-term scalability.