Main Subject - Business

Does the thought of bookkeeping scare you? Do you dread sitting down at your computer and entering all your receipts, deposits, and making sure everything is documented right for taxes? Never fear, there is a new, mo

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

re affordable solution to having your bookkeeping done. Two words-Virtual Assistant. The industry of virtual assistance is relatively new, though the concept has been around for some time. With the age of computers,

; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.

Examples of combination products may in

it has made the opportunity for small business owners to outsource their bookkeeping (and administrative tasks-but that is another article) to a qualified individual. This saves time, headache, and the possibility of

lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.

error. How does this work? Below are some of your questions answered by several experienced Virtual Assistants (VAs).

Is a Virtual Assistant the same as a CPA?

No. Usually a Virtual Assistant will work along side

here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe

of your CPA. Depending on your Virtual Assistant and their experience, they will handle the daily accounting needs all the way to filing your taxes. Many Virtual Assistants will work with your CPA to be sure your bo

d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.

Combination pro

oks are in correct order. A Virtual Assistant who is just your bookkeeper will make sure the company is set up correctly (working with your CPA) and entries are posted correctly. A CPA will do the sales, unemployment

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

taxes, and payroll IF the Virtual Assistant is not qualified. Cheryl Almstrom of Effective Office Services once calculated with one client she had cut his bookkeeping costs by 75% over his previous accountant. By fi

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

nding the right Virtual Assistant, to meet your needs, there can be a tremendous amount of money saved.

Education

The Virtual Assistants who donated their time and information to this article had a vast amount of exp

nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically

erience and training. Some had learned “on the job” bookkeeping, while others had courses and degrees. Some had been doing bookkeeping from a couple years to twenty years. All are dedicated to making sure your books

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

are kept up to date.

Sharing Information with your Virtual Assistant

The wonderful thing about the technology today, is that you don’t ever have to leave your office to get your bookkeeping done. You can choose to

ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi

enter your information into a spreadsheet set up by your Virtual Assistant (and then email a copy), fax over all the information needed, send everything postal mail, or have your Virtual Assistant pick up and drop off

ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.

Following aspects would a

your reports. You can even have the Virtual Assistant work on your computer without having to be in your office with secure online software. Some clients give the Virtual Assistant access to their accounts online to

dd to the challenges in developing combination products:

Which markets to tap where the combination products can do fairly well?
Which combination prod

check and balance. It is what you feel comfortable doing and what works best for you and your Virtual Assistant.

You can have your Virtual Assistant print out reports and fax or email them to you. You can keep a cop

cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin

y of the updated file on your desktop by having them send you the file. Depending on how you and your Virtual Assistant set up your relationship, there a multitude of ways to keep you up to date on your books.

Softw

tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen

are

The wonderful news is that you, as the client, wouldn’t even need bookkeeping software. Many of the vas I spoke with use QuickBooks, Quicken, and Excel (to name a few). Virtual Assistants have the software on th

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

eir own computer, and can do your bookkeeping using that software.

The beauty of having a Virtual Assistant is exactly what it says-they are virtual. You don’t have to hire an in-house bookkeeper and provide the spac

ping new procedures for reviewing their safety, efficacy and quality.

Professional from academic institutions, pharmaceutical industries, health care indust

e or equipment. Additionally, Virtual Assistants only charge for the time they work. There are no breaks or having to find work for them to fill their hours. A Virtual Assistant can take away the stress and time of

y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products

doing the books, and allow you to focus on your business.

If you feel you would like to explore the possibility of having a Virtual Assistant work with you on your bookkeeping (or other administrative tasks), you will

.

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

find a list of all the Virtual Assistants who contributed to this article at this link http://www.jerpat.org/moretime4u/articles/bookk

elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.

Companies that provide selfless information through particip

eepers.htm.

An additional article with more information on bookkeeping can be found at http://www.jerpat.org/moretime4u/doyouresist.htm.

tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products

In the previous article, the author dealt with Part 9 of the Baldrige Values and Concepts – Public Responsibility and Citizenship. This Part 8 issue will share his research on Focus on Results and Creating Value: one of the Eleven Values and Concepts of Malcolm Baldrige Criteria. He compared the direction set by the CEO of the researched companies and CEO of Baldirge winners.

In today's world, it is especially essential to understand the critical importance of developing competitive advantage as the main means of prospering in the business environment. Without a definite advantage over the rival businesses, you don't stand a chance in the cutthroat world of business. Here we show you a real-life example of how taking the time to develop competitive advantages benefits not only you, but your associates as well as those in your cluster. Be sure to take the time to develop and nurture the tools needed for success in today's business world.

If you are like me, and love your business, you certainly want to grow it to be as successful as possible. Whatever product or service you offer, wouldn't you be willing to nurture it through the number one way to market—the internet? Especially if you realized all the benefits?

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Main Subject - Bookkeeping Scares Me!

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