Financial Operations Insights, Guides, and Tools
Costing for Biomanufacturing: Standard vs. Actual Cost and Variance Tracking
Biomanufacturing is unlike most manufacturing processes. Batch-based, long production cycles, and inherent variability are its hallmarks, and even the tiniest anomalies can have profound effects on the result (and therefore, finances).
Inventory Accounting for Medical Device Companies: COGS, Obsolescence, and Controls
Inventory accounting is a way for medical device companies to gain real-time insight into device expiry dates and device location. An efficient process can reduce overstock and stockouts by a significant margin and help to maintain positive cash flow.
Biotech Burn Rate and Runway: How to Build a Cash Forecast That Holds Up
We’ve all heard the expression “time is money,” but nowhere is it more meaningful than in biotech. In this industry, cash is the clock. Every dollar spent either moves a project forward or delays progress towards a milestone. Unlike most sectors, biotech startups often operate for years without revenue, underscoring the importance of understanding and managing cash burn and cash runway.
Transfer Pricing Basics for Life Sciences: Intercompany R&D, IP, and Cost Sharing Overview
Transfer pricing applies to multinational life sciences companies and covers cross-border transfers of goods, services, IP, patents, and trademarks, as well as R&D and manufacturing. As one of the most significant tax risks a life sciences company will face, meticulous documentation is essential, and pricing strategies must align with market conditions to ensure compliance.
Multi-State Tax for MedTech Sales Teams: Nexus Triggers and Compliance
It’s not unusual for a MedTech company’s sales footprint growth to outpace its tax infrastructure. A solid field team fuels rapid market penetration, but that’s a double-edged sword, as it can inadvertently create an unintended state and local tax burden.
R&D Tax Credit for Biotech and Life Sciences Companies: Eligibility, Documentation, and Examples
Biotech and life sciences firms invest significant resources in research and development. Fortunately, the government recognizes the value of this effort and offers tax credits to offset these costs, which can be a massive support for pre-revenue or unprofitable startups.
Startup Accounting for Biotech Companies: What to Set Up in the First 90 Days
The first 90 days of any startup are the most critical. The decisions you make at this early stage can streamline engagement with investors and regulators, allowing you to focus on your mission without diverting unnecessary time and resources to accounting.
How to Choose an Entity for a Longevity Clinic (LLC vs S-Corp vs C-Corp)
Launching a startup can be complex! You want to set your business up for long-term success, but sometimes it’s hard to envision what things will look like in the years to come. One of the most critical decisions you’ll make is choosing the right legal structure for your business. Your choice here has far-reaching implications for the company’s future, fundraising, taxes, and growth strategy.
Tax Planning for Longevity Businesses: A CPA’s Checklist for Owners
Longevity businesses are a diverse and growing niche that straddles multiple industries, including healthcare, technology, and research. It includes biotech startups, supplement brands, wellness clinics, medspas, digital health platforms, and personalized healthcare, and as such, each requires a tailored approach to accounting and taxation.
Proper Tax and Accounting Treatment for Gift Cards and Package Credits
Wellness and longevity clinics operate on a different business model than most healthcare organizations. With retail, lifestyle, diagnostics, and health services under a single umbrella, deferred revenue is the norm. And while recurring payments from memberships and subscriptions can provide sustainable income, they come with some complexities.
Longevity Clinic Accounting: What to Track Weekly (Revenue, COGS, Provider Pay, Cash)
Longevity clinics are a unique aspect of healthcare, combining personalized wellness and premium services that don’t resemble your typical medical practice. Most clinics offer a hybrid mix of memberships, a la carte treatments, diagnostics, and performance-enhancing services.
Clinical Trial Accruals: How Finance Teams Avoid Quarter-End Surprises
Clinical trials are complex endeavors, often spanning years and rarely aligning with a company’s accounting periods. And therein lies the challenge: how do finance teams accurately track trial accrual and avoid nasty surprises when closing out the quarter? When the numbers don’t line up, there is a distinct ripple effect in financial statements, and investors and decision-makers will undoubtedly feel the consequences.
Financial Red Flags: Eight Signs it is Time to Switch Accountants
Tax Tips for Running a Business
Launching a new business is an exciting move. It can be massively rewarding, too, helping you bring your dreams to fruition and affording you incredible financial freedom—if you do it right. Fortunately, with some knowledge and planning, it’s possible to mitigate all that stress so you can get back to doing what you love to do… and we know that’s not taxes!
Cannabis Rescheduling: What Happens Next with 280E?
Will they, or won’t they? We’re all waiting on pins and needles to find out whether the DEA will agree to reschedule cannabis to Schedule III from where it currently resides at Schedule I.
Understanding the IRS Disaster Tax Relief Program
In light of the devastating fires and other disasters we’re experiencing in California, many businesses may be poorly positioned to carry on business as usual. Fortunately, there is a grain of good news to share that may ease the way forward.
Navigating Cannabis: Essential Tax And Accounting Guidelines
Navigating the complex world of cannabis accounting can be a daunting task for many business owners in the industry. With the ever-changing regulations and financial nuances, understanding the role of a Cannabis Certified Public Accountant (CPA) is crucial.