- Cost Tracking throughout your trial (avoid overspending and underspending)
- Get accurate forecasts and manage accruals with streamlined financial capabilities
- Complete visibility across all your operations
- Detailed reporting for your investors, partners, or as you’re getting ready to launch an IPO
- Fully integrates with your legacy systems and procurement platforms for a single source of truth
- Faster financial statement close.
- Cost tracking.
- A 360-degree view of all operations.
- Streamlined financial consolidation.
- Secure and role-based access configurations.
- Fully integrates with your legacy systems and procurement software like Prendio.
- Robust internal controls and SOX compliance.
- Helping you to reach compliance standards (HIPAA).
- Manage accurate forecasts and accruals during trials.
- Detailed reporting and financial management capabilities.
Many Biotech companies are struggling to ensure stability as their growth requires constant updates and improvements to their management software. When you have the right partner in NetSuite and ERP implementation, they can ensure that your company’s business processes move along at the higher speed required to succeed in a thriving business.
5 Reasons Why NetSuite ERP is the Proven Choice for Biotechnology
1. Faster Financial Statement Close
Cloud solutions like NetSuite provide flexibility and a breadth of capabilities that eliminate manual workaround financial statement close, enabling an accelerated close and near-realtime reporting.
2. Real-time Management of Spend
Robust purchasing, flexible workflows, mobile access and multiple reporting dimensions allow accounting to effectively enable spend in a controlled, real-time manner along with transparency to see where your valuable dollars are being spent.
3. Streamlined Financial Consolidation
Real-time consolidation capabilities eliminate the need for Excel files and provide access to corporate consolidated results at any time.
4. Robust Internal Controls and SOX Compliance
Biotech companies preparing for an IPO quickly find that QuickBooks doesn’t have the robust access and IT controls needed to meet SOX and COSO 2013 requirements. Documented processes, policies and controls, as well as a thorough assessment of entity and control risks, will ease compliance.
5. Support For Growth
As your business changes or you near commercialization, solutions like NetSuite easily scale to provide additional capabilities when needed—whether managing customer orders, inventory costing, complex production or revenue recognition.
What can Cloud ERP do for Clinical Trials?
A short explainer with Martin McNicoll, CEO of GURUS Solutions, that answers the question: “What can Cloud ERP do for Clinical Trials?”
NetSuite vs. Quickbooks Comparison
Read our comparison guide between QuickBooks and NetSuite and get a better sense of the upgrade process if you’re currently on QuickBooks software and looking to make the change.