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Just Other Articles - Control Your Accounting and Bookkeeping Costs
WHY HIRE AN ACCOUNT ASSISTANT?
When you first started your business, you probably did your own accounting; and that worked out fine. You were short on spendable capital and doing most of the necessary chores yourself was the only way to get started. But eventually, y
When you first started your business, you probably did your own accounting; and that worked out fine. You were short on spendable capital and doing most of the necessary chores yourself was the only way to get started. But eventually, y
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
ou got to a point where you really needed to concentrate on the income-producing aspects of your business and hire others to tend to the details.
Recognizing when this point occurs is the first major challenge for the entrepreneur. Many will pass it right by, believin
Recognizing when this point occurs is the first major challenge for the entrepreneur. Many will pass it right by, believin
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
the only way to keep track of their company is by doing all the accounting for it themselves. This is an easy trap to which almost everyone is susceptible. Don’t feel bad if it happened to you, just rectify it!
Think about what your time is worth. For example, as a
Think about what your time is worth. For example, as a
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
lawyer, you could command in excess of $300 per hour. Does it really make sense for you to do your own accounting, when it could be done just as well, maybe even better, by someone you could pay $25 per hour? Of course not! You can still keep a close eye on your busi
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
ess accounting without doing it yourself. It just takes discipline and a good idea of what reports you need to see and how often. Then assign the detail work to someone else!
ACCOUNTING ASSISTANT’S DUTIES
So once you’ve come to this decision, you need to decide betw
ACCOUNTING ASSISTANT’S DUTIES
So once you’ve come to this decision, you need to decide betw
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
en hiring an employee to keep the books or outsourcing the job to an accounting or bookkeeping firm. Let’s look first at what you expect the accounting assistant to do. This may include some or all of the following:
1. Keep up-to-date and accurate record of all the
1. Keep up-to-date and accurate record of all the
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
company’s financial transactions into physical journals and ledgers or a computer-based system.
2. Periodically, usually monthly, they balance the books and create financial statements and other management reports.
3. Receive record, deposit cash and pay the company
2. Periodically, usually monthly, they balance the books and create financial statements and other management reports.
3. Receive record, deposit cash and pay the company
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
s bills. They balance bank statements regularly, investigating and correcting any discrepancies.
4. Calculate payroll and issue payroll checks. They may oversee this function with an outsource payroll company.
5. Keep inventory records and calculate product costs.
4. Calculate payroll and issue payroll checks. They may oversee this function with an outsource payroll company.
5. Keep inventory records and calculate product costs.
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
6. Purchase supplies
7. Prepare purchase orders
You may also want someone who will make schedules, file bills, sort documents, fill in at the switchboard and other duties that would require someone in-house. You need to take this into consideration.
HIRE AN EMPLO
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
EE
The kind of job described above can be called different things in different companies. Some typical titles are bookkeeper, accounts payable or receivable clerk or billing clerk. To maintain consistency, we’ll call it an accounting assistant.
To hire a competent a
The kind of job described above can be called different things in different companies. Some typical titles are bookkeeper, accounts payable or receivable clerk or billing clerk. To maintain consistency, we’ll call it an accounting assistant.
To hire a competent a
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
counting assistant for your firm you can expect to pay between $15 and $25 per hour, depending on experience. Add to this the additional costs of employees – paid vacations, sick leave, insurance, bonuses, retirement, profit sharing plans, etc. You’ll probably find so
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
meone who wants to work 40 hours per week more easily than a part-timer, but that’s not impossible. At any rate, you’ll be locked in to paying for a certain minimum amount of hours no matter how much work there actually is.
The advantages, though, are also quite convi
The advantages, though, are also quite convi
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
cing. An employee will be more loyal to your company. He will also be more likely to take a permanent interest and perhaps make a career with you. He will learn more about your business and therefore be better able to make profitable recommendations for your company.
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
OUTSOURCE
On the other hand, you can outsource your daily accounting duties. There are several cost savings advantages to taking this route.
You won’t be paying for employer payroll tax expense, employee benefits and liability insurance. These costs will, of course
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
be built into the consultant’s fee, so it’s a wash at best. But you still save money, because you have no recruiting and interviewing costs and no training costs. And should you be unsatisfied with the service, there will be no additional recruiting, interviewing and
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
training costs to replace your accounting assistant.
You will not have to worry about employee lawsuits. You can release an outsourced accounting assistant without raising your unemployment rates.
Most professional accounting assistants will have their own office spa
You will not have to worry about employee lawsuits. You can release an outsourced accounting assistant without raising your unemployment rates.
Most professional accounting assistants will have their own office spa
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
ce and will not need their own office or cubicle at your office, saving you the space and cost of desk, computer, software, office supplies, etc. If you require the convenience of having your computerized accounting records onsite for your review, a small cost can con
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ect your system to theirs.
And one of the best parts is that you completely control the amount of money you spend on your bookkeeping. The amount you are charged by the outsourcing firm will be for the amount of time they worked on your accounting records. It will no
And one of the best parts is that you completely control the amount of money you spend on your bookkeeping. The amount you are charged by the outsourcing firm will be for the amount of time they worked on your accounting records. It will no
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
include answering the phone, dealing with drop-ins, chatting with other employees, etc. You can adjust the amount of hours they work for you month by month. Some months you may wish to give them additional work, some months let them work bare bones hours. You can’t
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
o this with an employee. You’re tied in.
SUMMARY
Always remember, “You get what you pay for”. Whether you decide to hire or outsource, the accounting records are the core of your business. Without excellent bookkeeping, your business will have a hard time succeeding
SUMMARY
Always remember, “You get what you pay for”. Whether you decide to hire or outsource, the accounting records are the core of your business. Without excellent bookkeeping, your business will have a hard time succeeding
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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