I recently was interviewed by Blake Oliver, co-host of the Cloud Accounting Podcast, on how ASC606 has impacted biotech revenue recognition and how intheBlk's tool can ease the pain of maintaining this data in spreadsheets. Blake is an accountant who specializes in cloud technology and was named a 40 under 40 by CPA Practice Advisor.
For those curious about accounting tech, Blake and David Leary do a great job hosting the show. I especially enjoyed the interview with Guy Pearson, who compared features with QB Online and Xero and mid-level ERPs such as NetSuite. If you are considering upgrading from QB Online or Xero, I would check out their discussion. In general, their discussions are inspirational to think about how to better implement accounting tools to work more efficiently.
Most early-stage biotech organizations have a small accounting team. Leveraging technology is critical to maximize effectiveness with limited resources. One helpful resource on Blake's website is his list of recommended apps. His list includes 3rd party apps that integrate with QB Online and Xero. These include Bill.com for handling ACH payments, FloQast for managing the month-end close, TSheets for tracking employee time (needed for most ASC606 input-method models) and Gusto for processing payroll. Leveraging these tools can make life easier by cutting out the manual and mundane tasks from the accounting processes.
If you want to find out how to better leverage cloud-based accounting tools built specifically for biotech, check out intheBlk's ASC606 revenue and long-range planning tool. Contact us today to find out how these tools can help make your job more strategic and impactful.