NetSuite ERP for Biotherapeutics
SuiteSuccess Fast-Implementation

Streamline your journey from clinical trials to commercialization and planning for an IPO or an acquisition, while also getting a 360 degree view of your financials for investors. Our NetSuite solution gears you with an extensive set of tools for your financial, compliance, reporting and data tracking needs.
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Key Benefits:

  • 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

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NetSuite ERP Implementation for Biotherapeutics Features

  •  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.
From Quickbooks to Cloud ERP in 100 Days | SuiteSuccess 

Our Biotherapeutics clients require agility as they want to progress quickly from trials and development to evaluations, commercialization and even planning for an IPO. This requires the ability to manage a vast number of compliance, finance and reporting elements that can be tricky with basic Quickbooks or spreadsheets. 

Our fast implementation NetSuite solution will take you from Quickbooks to a Cloud-based ERP system that automates and streamlines most of the processes that eat up your team’s valuable time as you evolve your product to reach the market. Following your initial implementation, our GURUS team remains at your disposal and will work alongside your team to help develop the right processes to ensure your financial system scales with you all the way throughout your journey.

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.

Manage Clinical Trial Accounting &
Accruing Costs at Every Level

It can be difficult for sponsor organizations to manage accurate forecasts and accruals during the length of their trials. Clinical trial accounting evolves throughout the different phases your patients will go through during the period of the conducted study.
 
You want to be tracking costs as accurately and effectively as possible, for things like:
 
  •  Site Management
  •  Clinical Monitoring
  •  Project Management
  •  Medical Monitoring
  •  Biostatistics and Analysis
  •  Regulatory Services
  •  Safety
  •  Location fees
  •  And more

Often times, biotherapeutics organizations will hold on to too much cash flow during their trials and programs or constantly require additional funding at the risk of having their program unnecessarily put on pause. 
 
These two common scenarios will limit your long term success and stunt your journey to the market. That’s where having the right financial system comes in place - with NetSuite ERP for Biotech, you will be able to manage all of your operations and track data across your program for accurate forecasts and detailed reports. 

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.

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