The NetSuite Accountant

Budgeting Biotech Headcount

Paul Giese Mar 11, 2019 5:30:00 AM
0

Headcount is often the most expensive component of an early-stage biotech’s budget. Planning for new hires is more complicated than just including a salary and bonus percentage. Here are five other considerations to layer into headcount budget:

Read More

Chart of Account change report | NetSuite

Paul Giese Mar 4, 2019 5:30:00 AM
0

Once a biotech company is public, controls are put into place to ensure compliance with financial regulations. System controls are a big feature why an mid-sized ERP, like NetSuite, is used by publicly-traded companies. An example automated control that should be in place is a report showing all changes to a company's chart of accounts. With NetSuite, this can be built using the Saved Search functionality. In this blog post, I will take you step-by-step on how to build this.

Read More

Compt | Meaningful and Personalized Benefits

Paul Giese Feb 25, 2019 5:30:00 AM
0

The war for biotech talent is fierce. Last Fall, the Boston Globe ran an article discussing the crazy benefits that early-stage biotechs offer to keep and retain employees. Benefits, such as boxing classes or a fully-stocked coffee bar, are great when all employees like boxing or coffee. But, inevitably, when some employees prefer yoga or tea, these benefits result in a workforce where everyone is equally unhappy.

Read More

Better Manage Corporate Cards | Teampay

Paul Giese Jan 28, 2019 5:30:00 AM
0

Corporate credit cards pose a challenge for accounting teams. Employees like corporate cards because they are easy to use. But, companies can easily lose control of spending. And, tracking down receipts is nearly impossible, coding transactions can take hours and there is a lack of real-time analysis. If you can relate to these problems (I can!), read on to learn how Teampay is trying to solve these problems.

Read More

1099 saved search in NetSuite

Paul Giese Jan 14, 2019 5:30:00 AM
0

With the start of tax season comes the task of preparing and filing 1099s. In NetSuite, the combination of the vendor record and the GL account is how 1099 activity is tracked. Within the vendor record, users add the tax ID and enter if the vendor is 1099 eligible or not. Users enter the 1099 category on the GL account record.

Read More

Using SUMIFS for long-range planning cost assumptions

Paul Giese Jan 7, 2019 5:30:00 AM
0

Excel's SUMIFS formula is a simple but powerful function that any model-builder should understand. The logic is simple. The first argument is the range that the user wants to be added. The next argument pair is the criteria range and the accepted criterion required to add the value in the sum range.

Read More

Three Resources for the Biotech Accountant

Paul Giese Jan 2, 2019 7:47:00 AM
0

Within a small organization, accounting can add value to their organization by offering strategic advice on managing resources. Accounting has a unique perspective because it often touches all parts of the organization - research, clinical, human resources and procurement to name a few.

Read More

Five NetSuite Reports For A More Efficient Financial Close

Paul Giese Nov 12, 2018 5:30:00 AM
0

Adding automation to your financial close increases efficiency and reduces the chance for error in your reporting process. When working on a tight SEC deadline for 10-Q and 10-K reporting, every hour saved helps. If using NetSuite as an ERP, below are five custom reports that can improve efficiency in the close process. This article assumes that companies are using the general ledger account, functional department, and class segments in NetSuite.

Read More

Biotech Comparables | Over Time & Point In Time Revenue Under ASC 606

Paul Giese Oct 31, 2018 6:00:00 AM
0

Once the performance obligations in a  biotech collaboration agreement have been identified and revenue has been allocated to each performance obligation, an entity needs to determine whether revenue is recognized at a point in time or over a period of time. There are three criteria to determine if revenue is recognized over a period of time. For biotech companies, the most relevant criteria is whether the company's performance creates or enhances an asset (for example, in process research) that the customer controls as the asset is created or enhanced (criteria 2).

Read More

Budget Considerations for ASC 606 Revenue Recognition

Paul Giese Oct 27, 2018 5:08:43 PM
0

Under ASC606, collaboration revenue is recognized as a company incurs costs to deliver the performance obligation. Companies need to determine the total costs to deliver a performance obligation at the start of the collaboration agreement and make updates as new information becomes available. Because the budget and long-range plan are critical for recognizing revenue, companies will need to ensure that the appropriate processes are in place around these assumptions. Here are four budget considerations in the revenue recognition process:

Read More