Biotech Accounting Should be as Advanced As Your Firm
Biotechnology and pharmaceutical companies face the ongoing challenges of a strictly regulated industry where billions of dollars are spent on research and development each year. There are many components and moving pieces just to running a biotech firm let alone positioning it for a profitable future. The typical biotechnology firm has the scientific experts with a plethora of ideas and concepts, yet many fall short when it comes to business and financial management. That’s were an accounting firm that specializes in biotechnology firms can prove to be one of your most valuable assets when it comes to your future successes.
In order to manage finances and comply with growing and changing regulations, a flexible, scalable accounting system is an important component. Having a biotech specialized accounting firm that understands your unique challenges and adeptly serves a diverse array of biotech and biopharmaceutical organizations, ranging from drug discovery and development companies to healthcare and biotechnology. A biotech accounting firm like JLP CPAs, should take the time and make the effort to thoroughly understand your business, system needs, end users and workflow to recommend and implement the right solutions for your business.Biotech Firm Management Software
Choosing the right management software for your biotech firm can be as important as having the right personnel. Biotech firms use management software to manage patient information, treatment planning, and scheduling, as well as back-office functions such as accounting.
Your biotech software should enable medtech (e.g. medical devices and drug development) companies to improve operations, reduce risk, maximize success rates, optimize activities, and comply with industry regulations. The scope of pharma and biotech software can range from quality and regulatory management to trial and discovery management to data processing to providing an ERP or CRM module. In the research and development phases, pharma and biotech solutions may integrate with or supplement pharmaceutical distribution software and various laboratory management solutions. At the tail end of the pharma and biotech supply chain lifecycle, pharma and biotech software vendors enable closed-loop marketing or sales enablement functionality for medical sales representatives to leverage.
Here is a link to a great resource for comparing some of the biotech management software options and addressing your individual needs with your biotech specialized accountant is a great way to make sure you select the right one.
This combination of industry knowledge and technology know-how will give you a system that will:
- Provide strong financial controls and customized reporting
- Improve staff and service productivity
- Deliver secure access to information to enhance collaboration
- Reduce administration costs with self-service HRM capabilities
- Achieve and maintain compliance with a broad range of regulations
When partnering with a biotech CPA or specialized accounting firm, they can provide a variety of solutions to meet your needs from a full accounting department that handles day-to-day services that would normally be managed in-house to individual solutions based on your needs. By leveraging an outside accounting firm you won’t have the added hassles of hiring and retaining industry experts, keeping up-to-date on the latest accounting standards, and being constantly worried about internal controls. Your biotech accounting firm will have the experience, along with your plans for your new products and will enable you to focus on the technical and medical aspects of your business while providing you the visibility into your financial activities from wherever you are at in the business lifecycle. Additionally a biotech CPA can aid you in the process of creating an integrated business plan and system that gives your organization the agility to stay competitive and improve financial, R&D and manufacturing performance so you can focus on the quality of your products and growth.
Having an accounting firm versed in the biotech industry is imperative to your profitable future successes. Your biotech accounting firm should aid you in the process to qualify for inclusion in the Pharma and Biotech category by making sure that your product meets these standards for qualification:Top 3 Qualification Standards for Biotech Products
- Adhere to pharmaceutical, biotechnology, and life sciences regulations
- Offers insight into operations and activities of the organization
- Provide a management framework for product (lifecycle) management, compliance and regulations, strategy and operations, processes, customers, documents and records, and assets
Our biotech accountants are engaged in the industry and focus on providing each client with an individualized plan tailored to your stage in the biotech lifecycle. Our team will provide you with a detailed analysis to identify business trends and opportunities for growth—as well as help you improve the operations process, reporting, documentation and profitability of your practice. Trust your biotech firm’s accounting to an accounting firm that knows your industry and contact JLP CPAs to make sure your biotech firm is positioned for success.