The NetSuite Accountant

August 2019 Boston NetSuite Meet Up Recap

Paul Giese Aug 19, 2019 5:15:00 AM
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I recently attended the Boston NetSuite Meet Up. The event is an opportunity to hear about new product features and network with other NetSuite users. Here are some highlights:

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Four ways a procurement system can automate the AP process

Paul Giese Jul 22, 2019 5:15:00 AM
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Accounts payable is the foundation of a biotech’s financial statements. This role is often filled by entry-level staff with high turnover. This can cause problems for financial reporting. Thankfully, an advanced procurement system, if configured properly, can automate parts of the accounts payable function, ensuring that disruptions have a smaller impact on financial reporting. Here are four configurations that can automate accounts payable:

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Introducing intheBlk's Black-Scholes calculator

Paul Giese Jun 12, 2019 7:09:00 AM
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Over the past few months, intheBlk has been working on building a Black-Scholes calculator to assist accountants with their stock-based compensation expense. Our calculator allows users to enter the six inputs and have the Black-Scholes valuation automatically calculated. The two challenging inputs are the peer-group volatility and risk-free interest rate. Typically, users calculate these inputs in Excel by downloading historical data from Yahoo Finance and the US Treasury. intheBlk's calculator takes this burden away and automates the whole process. 

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Budgeting Biotech Headcount

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

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Compt | Meaningful and Personalized Benefits

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

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Better Manage Corporate Cards | Teampay

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

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Using SUMIFS for long-range planning cost assumptions

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

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Three Resources for the Biotech Accountant

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

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Five NetSuite Reports For A More Efficient Financial Close

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

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Cloud Accounting Podcast | Technology for Strategic Accountants

Paul Giese Oct 8, 2018 5:30:00 AM
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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.

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