Life Science Services

Outdated Accounting Practices Hold Back R&D Success

# Sabotaging R&D Value? Why Pharma Leaders Must Urge CFOs to Ditch Outdated Accounting Practices # A hallelujah moment for R&D leaders who (secretly) hate finance teams! In small and mid-cap life sciences companies, finance teams are stuck in legacy accounting practices that stifle innovation. Bloated Excel sheets, convoluted explanations, and feedback loops that feel more like interrogations leave R&D teams frustrated and distracted. These outdated processes don’t just waste time—they erode the value of R&D itself. It’s time for non-finance leaders to demand streamlined, transparent tools that support growth, not block it. As a result, the journey from lab to market hinges on the seamless integration of R&D with strategic financial oversight. Below, we explore why CFOs – and stakeholders – must rethink their approach, replacing outdated methods with more modern and integrated solutions to protect and amplify R&D success.

In small and mid-cap life sciences companies, finance teams are stuck in legacy accounting practices that stifle innovation. Bloated Excel sheets, convoluted explanations, and feedback loops that feel more like interrogations leave R&D teams frustrated and distracted. These outdated processes don’t just waste time—they erode the value of R&D itself. It’s time for non-finance leaders to demand streamlined, transparent tools that support growth, not block it.

As a result, the journey from lab to market hinges on the seamless integration of R&D with strategic financial oversight.

Below, we explore why CFOs – and stakeholders – must rethink their approach, replacing outdated methods with more modern and integrated solutions to protect and amplify R&D success.

Outdated Accounting Processes Hinder Revenue Recognition Efficiency

Did you know that the Life Sciences Industry has the highest concentration of outdated ERPs and processes, posing significant risks? Revenue Recognition, R&D spending, Consolidation, and Financial Reporting are the areas identified as being at risk. We've written a series of four articles to help CFOs in the Life Sciences industry understand the importance of modernizing financial processes, implementing advanced ERP systems, and adopting automation. These changes will improve accuracy, efficiency, and scalability, addressing the identified risks. Revenue Recognition sneak peek: Legacy ERP systems and manual processes are hindering your growth and affecting your ability to comply with revenue recognition standards like **ASU 2014-09** and **IFRS 15**. Outdated processes create costly inefficiencies, especially when scaling. These can lead to missed performance obligations and inaccurate transaction prices. Discover how upgrading your systems can streamline revenue recognition, ensure compliance, and drive growth. Don't let inefficiencies derail your success!

The Importance of Key Objectives for Biopharmaceutical Companies
Understand the importance of key objectives for biopharmaceutical companies in Return on pharmaceutical innovation, improving patient engagement, and upskilling digital skills internally are the keys objectives of biopharmaceutical companies.

Shipping IMPs for Clinical Trials in Europe: Best Practices

Shipping Investigational Medicinal Products (IMPs) for clinical trials in Europe is a critical yet complex process. IMPs are unapproved drugs used in clinical trials or Early Access Programs (EAPs) for patients with unmet medical needs. Because IMPs are not approved by regulatory agencies like the FDA or EMA, shipping them across borders involves navigating a maze of customs regulations, value-added taxes (VAT), and specific local requirements. In this guide, we outline how biotechs and biopharmas can avoid common mistakes when shipping IMPs to Europe.

The Importance of Key Objectives for Biopharmaceutical Companies
Understand the importance of key objectives for biopharmaceutical companies in Return on pharmaceutical innovation, improving patient engagement, and upskilling digital skills internally are the keys objectives of biopharmaceutical companies.

Biopharmaceutical Success Framework – The Rule of Threes

# Biopharmaceutical Success Framework - The Rule of Threes The biopharmaceutical success framework revolves around the Rule of Threes. Our strategic approach drives growth and innovation in the industry. Biopharmaceutical companies can achieve sustainable success by focusing on three key areas.

The Importance of Key Objectives for Biopharmaceutical Companies
Understand the importance of key objectives for biopharmaceutical companies in Return on pharmaceutical innovation, improving patient engagement, and upskilling digital skills internally are the keys objectives of biopharmaceutical companies.

Benefits of SAP Business ByDesign ERP for Life Sciences companies

In a rapidly evolving biotech industry, SAP Business ByDesign ERP provides a flexible and scalable solution to overcome limitations, streamline operations, and support informed decision-making with real-time data. Overcoming Limitations and Streamlining Operations As the biotech industry changes rapidly, Biotechnology Organizations must implement solutions to overcome limitations and reconnect business systems that block their growth […]