The current state of the biotech and life sciences industries is characterized by rapid progress and significant challenges. While innovation propels these sectors forward, challenges arise from stringent regulatory environments and the requirement for substantial investments in research and development. Global health demands, intensified by recent pandemic experiences, continue to push companies to deliver solutions more quickly and effectively.
Opportunities abound in the development of personalized medicine, regenerative therapies and biotechnological solutions that have the potential to transform healthcare. However, navigating these opportunities requires careful financial management to address the volatility and uncertainty inherent in these industries.
Sage Intacct is a leading cloud-based biotech and life sciences accounting software solution, accessible through Cherry Bekaert, that provides businesses with the tools needed to meet these challenges and capitalize on new opportunities, offering scalability, real-time analytics and compliance features tailored specifically for the biotech and life sciences fields.
In this article, we examine the common biotech and life sciences accounting and financial management needs and why Sage Intacct can better enable success.
A Cloud-based Solution To Keep You Current
Built in the cloud from inception, Sage Intacct’s platform ensures outdated versions or cumbersome upgrades never restrict performance. Its continuity and reliability promote a seamless financial operation that powers you forward.
For the industry professionals at the forefront of innovation, having accurate, real-time data is non-negotiable. Sage Intacct harnesses tools like AI-powered financial insights to deliver unparalleled insights, ensuring that your finance team can pivot swiftly to make informed, data-driven decisions.
Sage Intacct eliminates the countless hours required to collate information across spreadsheets and instead provides your team with access to dashboards defining a single source of truth for strategic financial decision-making.
Tailored Solutions for Complex Needs
Biotech and life sciences companies face unique financial challenges, including managing multi-entity arrangements and tracking intricate grant funding and research expenditures. Sage Intacct understands this, offering powerful, customizable solutions designed for your industry’s complex landscape.
Multi-entity management, multi-currency support and real-time project costing are essential tools that Sage Intacct supplies to enhance your financial visibility and operational agility. This comprehensive suite streamlines processes from the granular level up, ensuring every department operates from a cohesive and integrated platform to drive exponential growth and unlock new opportunities.
Comprehensive Financial Management for Project-centric Businesses
Biotech and life sciences companies often operate with a project-centric approach, necessitating advanced financial management capabilities. Sage Intacct’s robust project management tools cater specifically to the sector's intricate needs. The software supports sophisticated project workflows, enabling seamless collaboration, budget control and resource management.
By integrating project timelines with financial data, Sage Intacct enables project managers to gain a comprehensive view of both operational and financial aspects, resulting in informed decision-making, timely project completion and the optimal allocation of resources. This integrated approach boosts efficiency and ensures projects align with strategic goals and compliance mandates.
Meets Regulatory Requirements
The life sciences industry is heavily regulated, with strict compliance mandates that can be daunting for startups and established firms alike. Sage Intacct's sophisticated compliance features allow businesses to easily track and report financial data following regulatory standards. This ensures that audits are streamlined and less disruptive, saving time and resources while minimizing risk.
Offers Flexible and Scalable Solutions
Startups in the biotech sector often face unique challenges, including limited resources and rapidly changing requirements. Sage Intacct's cloud-based platform is designed to adapt and grow with your company. With its customizable dashboards and real-time reporting tools, management teams can make informed decisions quickly. This flexibility enables startups to fine-tune their financial strategies and position themselves for rapid growth and scalability.
Provides Comprehensive Financial Oversight
As biotech companies progress from early-stage ventures to market leaders, the need for detailed financial oversight becomes paramount. Sage Intacct provides a comprehensive suite of tools that offer visibility into every facet of financial operations. This capability helps in maintaining compliance with industry regulations and enhances the ability to manage multiple revenue streams effectively — whether from grants, partnerships or commercial sales.
Enhances Investor Confidence
A biotech company gearing up for an initial public offering (IPO) must demonstrate strong financial health and clear growth potential. Sage Intacct delivers the transparency and precision needed to build and maintain investor confidence. Its intuitive interface and powerful analytics capabilities allow finance teams to deliver insightful reports that highlight key performance metrics and trends, effectively communicating the company's value proposition to potential investors.
Facilitates Global Expansion
For life sciences companies looking to expand into international markets, Sage Intacct supports multi-currency transactions and global consolidations. This feature enables companies to seamlessly manage operations across borders, ensuring consistent financial reporting and compliance with international accounting standards.
A Partnership for Long-term Success
In the competitive landscapes of biotechnology and life sciences, your choice of financial management software can define your trajectory. Sage Intacct's dedication to innovation and customer success makes it an indispensable partner on your journey to becoming a market leader. With continuous updates and a robust support network, the platform evolves with your business needs — enhancing processes, boosting productivity and accelerating your path to success.
Your Next Move: Implementation
Implementing real-time financial visibility does not require a disruptive approach. The most successful organizations follow a phased implementation that delivers immediate value while building toward comprehensive transformation. Cherry Bekaert’s professionals will work with you to identify your most critical visibility gaps and determine where better financial information would have the biggest impact on your business.
Our team brings decades of experience implementing Sage solutions for organizations like yours. We understand the challenges you face and have developed proven approaches to overcome them. Contact us today to get started on your transformational journey.
