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Biotech Accounting Software

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Project Financial Management for Biotech

Financial Management Practices of Biotech Companies Poised for Rapid Growth

The financial management challenges that face biotech companies are unlike any other industry. Tracking profitability of products is a complicated, long-term endeavor—outside the capabilities of traditional ERP systems. Reporting requirements to ensure regulatory compliance and accurately reflect stakeholder interests are complicated. Spreadsheets fill the gap, but make reporting more complicated and can hold the company back when it’s time to scale for growth.

Accurately track costs with project accounting

Commercialization of biotech research requires a clear understanding of the costs associated with each project. Your systems should automatically track all costs related to drug development—including time, materials and testing. Allocation of shared costs provides greater insight into potential profitability

“Neglecting the proper management of accounting functions can jeopardize the trust between a biotech company and its stakeholders.”

Brian Lawrence
Sr. Director Finance and Taxation

Automate batch/lot tracking to ensure traceability

As the foundation for compliance and transparency, traceability should not be left to manual processes—prone to error and oversight. From raw materials through finished goods, accurate tracking of all inputs to batches and lots is critical to assure investors and regulators of full traceability.

Unify systems to support flexible reporting

Biotech companies dependent on disparate systems spend hours—even days—combining spreadsheets to deliver the comprehensive information managers need to make informed decisions. When decisions need to be made. l

Streamline business processes to ensure compliance

As more employees and investment partners join the organization to support growth, biotech companies need to formalize business processes to ensure consistency. Without a unified platform to coordinate activities across the organization.

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