Even as investor confidence in life sciences has rebounded since the recession, life sciences firms are still stretching every penny and cash flow management remains a critical factor for success. So getting the most bang out of every buck is the mantra of every life sciences accounting department. And cash flow management for life sciences is a critical factor in their success.
About 90 percent of small-business failures are caused, at least in part, by poor cash flow management, according to Entrepreneur.com.
“In principle, you must delay every outlay of cash as long as possible, while incenting everyone who owes you money to pay it as rapidly as possible,” said the Entrepreneur.com article. “Also, be vigilant about limiting any surprises such as, unanticipated-payment lags and unplanned-cash outlays.”
Cash Flow Management Simplified
Cash management software has been a part of corporate financial IT for years, but for many life sciences firms who are just getting off the ground, spending on mission critical resources has to take priority and many on premises accounting and management solutions are too costly to fit in the budget. But cloud based cash flow management for life sciences offers enterprise level cash flow tools with stable monthly pricing and does not require a huge investment in time and IT resources.
With these tools available, life sciences business can manage cash in the cloud with cash-flow calendars that enable both historical and forward-looking insights to accurately gauge how funds flow in and out of your business. Bank reconciliation tools offer a clear look at deposits and debits across accounts and advanced reporting tools help business leaders track funding, collections and streamline accounts receivables so the money comes on time, more often.
With a Microsoft Dynamics GP package from myGPcloud, you get all of this functionality and more. The friendly to use calendar gives you historical and predictive insights just by selecting the day, week or month. Simple, out-of-the-box reports automatically pull lists of investors and grants. Reporting tools in Dynamics GP also enable accounts receivable departments to track customers whose balances go over the set limits so it is simple to prioritize and evaluate customer histories and quickly react to any accounts receivable problems. Streamlined bank reconciliation gives you confidence that you have an accurate measure of cash on hand. And with a direct connection to Microsoft Outlook, you can take care of issues right away by sending a simple email.
Decision Making with Intelligence
When evaluating business software, life sciences organizations often look at it as a necessary expense to solve one problem or several within the organization. This is a mistake. Whether you are a start-up or a growing organization, myGPcloud’s on demand Dynamics GP for Life Sciences is more than a solution. It is the engine that is going to drive your life sciences business and help you turn margins into cash flow. With intuitive business intelligence tools, business leaders will be able to make more informed decisions from marketing to inventory and investor relationship management, ultimately driving new business and shrinking costs.
- Optimize your resources and improve end-to-end processes to increase your profitability using predictive analysis.
- Increase staff productivity and drive accuracy by automating your purchasing processes using order-point minimums and maximums, as well as built-in workflows.
- Streamline supply chain processes and inventory management ‒ and reduce operational costs companywide ‒ with the ability to track turnover and maintain the right stock levels.