Life changing products created efficiently
The pharmaceutical and medical device industries are complex ones. Product development takes years and requires many resources. You also must comply with more regulations than almost any other industry. And, as if these challenges were not enough, your end consumers often depend on your products to sustain their life or improve its quality. With so much riding on your success, you can’t afford to risk your business with ill-fitting, disconnected healthcare accounting software. Instead, you need the right tools, tools that bring each area of your business together and can meet the unique, unwavering demands of your industry.
Why pharmaceutical and medical device manufacturers need an ERP
In the pharmaceutical industry, your recipes or compounds are the lifeblood of your business. You must keep a tight control on your formulations to ensure each batch contains exactly what it should, nothing more or nothing less. But recipe management is also key also for keeping your intellectual property safe. In this competitive industry which often has tight margins, your competitive edge often lives and dies by the confidentiality of your intellectual property.
Inventory and materials management
Since the profit margins in the pharmaceutical industry are sometimes tight, it is very important none finished goods or raw resources go to waste. To help with this, an ERP system gives you a single place of record for all your inventory information. That way, you always know exactly what you have on hand. Often, ERP systems will also assist with materials requirement planning for production and automate much of your procurement and replenishment tasks.
Yet another ERP feature which is especially useful for pharmaceutical companies is the ability to track batches and lots. With these tracking tools, you can follow ingredients throughout the production process, and finished goods from the time they are done until they reach the distributor or end user.
Sales and marketing management
The pharmaceutical and medical device industries have some of the longest and most complex sales cycles in all of business. When you’ve spent so much time and energy developing a product, you need to go to market quickly and efficiently. Used in tandem with a CRM (customer relationship management) system, an healthcare accounting solution makes this easier.
The pharmaceutical and medical device industries have so many regulations governing them it’s hard to keep track. Luckily, healthcare accounting systems offer tools to help make meeting key regulations, like FDA 21 CFR part of the fabric of your operations. So, you can comply without having to give it a great deal of thought.
With all the regulations you face, proper document controls and audit trails are a must. Doing this without an ERP can be extremely difficult and time-consuming. The right software will offer built-in tools to assist with this. Also, an ERP acts as a single place of record for all your important business documents. It keeps everything from processing instructions, laboratory information, sales orders, customer inquiries and just about everything in between in one central location. Better yet, if you choose a cloud ERP, your staff will have access any of these important documents from anywhere, using any device with an Internet connection.
Healthcare Accounting Solutions We Recommend
Key features for Pharmaceutical Companies
- Deliver strong audit trails and financial controls.
- Start with summary information and as needed, drill down into the data for more detail.
- Respond quickly to changing needs.
- Deliver customized reports designed to answer specific business questions.
- Create and maintain budgets and forecasts at any level.
- Shorten budget cycles.
- Track and analyze all-encompassing vendor data.
- Handle payables more efficiently.
- Maximize cash flow by making the most of vendor discounts.
- Improve control over capital assets; record, track, and report on them as needed.
- Oversee asset retirement and transfer.
- Drill-down to original vendor invoices with ease.
Human Resources Management (HRM)
- Capture, store, and access employee information with ease.
- Save time; automate payroll duties.
- Streamline applicant tracking; centrally store references, education, skills, and interview data.
- Lower back office costs with HRM self-service capabilities.
- Ensure supplies reach their intended recipients on time.
- Get a deeper understanding of material requirements.
- Lessen the frequency of stock outages.
- Reduce inventory costs.
- Streamline processes and increase productivity.
- Facilitate information sharing between departments/subsidiaries.
- Achieve and sustain compliance with a broad range of industry specific regulations.
- Implement compliance related best practices throughout the entire organization.
- Record and archive changes to all documents and electronically held data.
Acumatica Cloud ERP
Key features for Pharmaceutical Companies
Build on Acumatica’s base financial capabilities with additional features like GL consolidation, automatic revenue recognition and subaccounts.
Advanced Planning and Scheduling
Stop guessing about which resources you have available. Use the real time data to create reliable and accurate delivery dates for products. Boost customer satisfaction and efficiency.
Materials Requirements Planning
Keep a close eye on your costs. Quickly compare actuals to forecasts. Tie production orders to tasks for a better understanding of your resource usage.
Take control of your production capacity. Make the most of your resources. Use what if planning, capable to promise and advanced scheduling tools to manage labor and machines.
Bill of Materials and Routing
Let your customers choose the product configurations they need. With a multidimensional, multilevel rules-based system, you can automatically create orders with real time price and cost rollup.
Create estimates for new or existing items. Take those estimates and convert them into production orders, bills of material or new estimates.
Control, organize and automate all change requests, plans and actual changes. Add them to the bill of materials. Make sure everyone stays on the same page, thanks to a robust approvals process.
Automate order fulfillment for internal and external clients. Streamline the buying process and manage sales activities from beginning to end.
Warehouse Management System
Streamline the distribution process with advanced receiving, inventory management and order fulfillment capabilities. Reduce costs while improving customer satisfaction with barcode scanning capabilities and mobile device system access.
Why Pharmaceuticial Companies Love Working with Us
We’ve served the technology needs of SMBs for over 25 years. Since the beginning, ERP and CRM systems have been the focus of our business. No matter how complex your needs, chances are we have tackled something similar before. If you need customizations, our expert staff can help with those as well.
The human touch
Should you need help with your software, our friendly NC based staff will there for you. No more searching for an answer yourself, or wasting time trying to figure out who you should call.
Resources to Help You Find the Right Healthcare Accounting Solution
Not sure whether you should keep or replace your old accounting or ERP software? Our experts share some of the key factors that signal it may be time to put your old software out to pasture. Plus, try out our easy 10 question quiz for an instant recommendation on the smart choice for your business.
We’re back for part two in our discussion of how much does a new ERP cost. In this post, we look at the ROI portion of the ERP cost equation. Learn what factors to include in your ERP analysis and try out a handy online calculator that makes what can be a daunting task much easier.
How much does a new ERP cost? This is a simple question with a not so simple answer. To get it right, make sure you go beyond the obvious and consider the total cost of ownership for the new system. Learn the factors that go into this and learn how to calculate it.
White Papers and Data Sheets
How Manufacturers Can Succeed in Industry 4.0
The unfortunate truth is, many manufacturers have adopted industry 4.0 and not gotten the results they’d hoped for. Leaving many to question whether it’s a trend that can really help their business, or if it’s just a bunch of hype.
Industry 4.0 is indeed much more than a buzzword dreamed up by some marketing exec. But when implementing it, as with any other major business changes, you must start with a strategic plan and solid foundation. Otherwise, you’ll just be wasting precious time and energy.
True Cloud Applications for Agile and Fast-Growing Businesses
Still think “the cloud” is an overhyped buzzword? The numbers tell a different story. Studies prove repeatedly cloud apps are key to driving SMB growth. See for yourself in this free IDC white paper.
Imagine it’s 2014, visionary small and medium-size businesses are putting their key systems in the cloud. Just one short year later they found this one change had powerful effects on their business…
They saw much better net revenue growth than the competition. Good news, it’s not too late!
The Unified Manufacturing Environment: Transparency, Collaboration, and Decision-Making with End-to-End ERP
Top performing manufacturers are 2.2 times as likely to implement an ERP package that contains the functionality that was previously provided by multiple, disparate systems in one package. This enables capabilities including improved collaboration, agile decision-making, efficiency, and quality while improving ERP return on investment.
It turns out, the top challenges facing manufacturers are caused by a technology environment that is not effectively connected. This report shows what ˝end-to-end˝ ERP entails and how it increases visibility for both process and discrete manufacturers.
Case Study: Cloud software helps health products distributor go global and manage growth
Prior to Acumatica, Youngevity was using
QuickBooks to manage its financials and
an Access database for inventory. But
QuickBooks did not provide a consolidation solution, out-of-the-box inventory management, multiple currencies, nor APIs to connect to Youngevity’s Genealogy System that manages client orders and
Instead of adding different modules and
patches to QuickBooks, Youngevity decided that it was time to upgrade to an integrated accounting and inventory solution that could grow on demand.