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Main Subject - Who's Watching Your Money? 7 Tips For Hiring The Right Bookkeeper
While I’m a strong advocate of hiring virtual assistants, there are two things that no entrepreneur should ever fully delegate: marketing and bookkeeping. The marketing and the bookkeeping of your business can easily make or break
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
you (just think “new” Coke and Enron). That said, if bookkeeping is not your forte, hire someone to do it – you will save so much in frustration – just be sure to keep your fingers in the books.
If you choose to hire a bookkeeper, keep
If you choose to hire a bookkeeper, keep
; 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 following in mind:
1. Get QuickBooks.
For ease of use, I highly recommend using QuickBooks and hiring a QuickBooks ProAdvisor. QuickBooks ProAdvisors have taken certification exams to insure that they know the system. I ha
1. Get QuickBooks.
For ease of use, I highly recommend using QuickBooks and hiring a QuickBooks ProAdvisor. QuickBooks ProAdvisors have taken certification exams to insure that they know the system. I ha
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
ve used QuickBooks both for myself and my clients since 1996 and highly recommend it for its ease of use/understanding.
The online version is great in that you can see the latest version of your books at any time and eliminate the annoya
The online version is great in that you can see the latest version of your books at any time and eliminate the annoya
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
nce of emailing files back and forth and wondering who has the latest version.
2. She must see both the forest AND the trees.
You want your bookkeeper to be detail-oriented AND to see/understand the big picture. She needs to kn
2. She must see both the forest AND the trees.
You want your bookkeeper to be detail-oriented AND to see/understand the big picture. She needs to kn
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
w what happens consistently – every month – and update your books without bothering you for items she should know about.
At the same time, she needs to be astute enough to see the larger picture and warn you of any impending problems bef
At the same time, she needs to be astute enough to see the larger picture and warn you of any impending problems bef
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
ore they happen. If you purchase a piece of equipment, she should know how to properly enter it into your bookkeeping software to avoid problems – and therefore save time and money – with your accountant (and the IRS) later on.
3. S
3. S
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
he must know your industry.
You don’t want to have to train your bookkeeper on your industry language, standard industry income or expense categories or other basics. The more up-to-speed she is, the faster she can hit the ground ru
You don’t want to have to train your bookkeeper on your industry language, standard industry income or expense categories or other basics. The more up-to-speed she is, the faster she can hit the ground ru
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
nning and the sooner you will have good data. If she doesn’t know your industry however, be sure to give her a rundown of lingo and how you refer to your customers/clients/tenants in order for you to get the most meaningful reports out o
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
f the gate.
4. She must provide timely reporting.
In hiring your bookkeeper, insure that you put in a provision for when you want to see monthly financials. The date will depend on when your bank month ends – give her a few day
4. She must provide timely reporting.
In hiring your bookkeeper, insure that you put in a provision for when you want to see monthly financials. The date will depend on when your bank month ends – give her a few day
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
after that date to reconcile your accounts and produce reports. At a minimum, you want to see a profit & loss, balance sheet and cash flow statement.
Take the time to review the reports so you can spot any irregularities before they bl
Take the time to review the reports so you can spot any irregularities before they bl
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
ossom into problems. Not sure how to read a cash flow statement? Get a check/electronic funds transfer (eft or “auto debit”) transaction detail instead. It will help you see where the cash is going.
5. She must know accounting ter
5. She must know accounting ter
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
ms and still speak “English”.
Your bookkeeper needs to know the difference between assets, liabilities, income, expenses and equity and be able to provide your accountant with the necessary data upon request. At the same time howeve
Your bookkeeper needs to know the difference between assets, liabilities, income, expenses and equity and be able to provide your accountant with the necessary data upon request. At the same time howeve
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
r, if you are not “numbers oriented”, she also needs to be able to explain the financial statements to you in plain English.
6. She must be trustworthy.
Hiring someone to keep track of your bookkeeping requires a level of trust
6. She must be trustworthy.
Hiring someone to keep track of your bookkeeping requires a level of trust
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
between you both. You need to feel comfortable that she will keep track of your information and maintain your confidentiality. At the same time, if she pays your bills and has access to your bank accounts, you must also trust that she w
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
ll not abuse that privilege. And make no mistake, it is a privilege to have someone (particularly in a virtual relationship) trust you with their finances, their checkbook and their business.
Good business sense demands that you protect
Good business sense demands that you protect
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
yourself “just in case”. I highly recommend that, in addition to a confidentiality agreement, you insure that your bookkeeper is bonded and you get a copy of that bond.
7. She must have great communication skills.
If yo
7. She must have great communication skills.
If yo
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
ur bookkeeper will be communicating with your clients and vendors, she must represent your business as you would. Whether virtual or in-house, it’s critical that your bookkeeper be a positive force that further enhances relationships. T
.
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
he question of money can, at times, be a sensitive matter. You need someone who recognizes that and communicates appropriately.
Always remember – these are your books and this is your business. While you may hire someone
Always remember – these are your books and this is your business. While you may hire someone
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
to manage the details of tracking your finances, and should do so if this is not one of your strengths, the ultimate responsibility for oversight is yours. Michael E. Gerber of the “E-myth” series said it best: “Delegate, don’t abdicate.
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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