Biotech

NetSuite Solutions for the Biotech Industry

Biotech companies, whether navigating funding rounds, preparing to go public, or maintaining compliance as a public entity, require strong controls and accurate financial data. Without a robust solution like NetSuite, managing these complexities becomes significantly more challenging, often relying on offline approvals and disjointed processes.

NetSuite offers streamlined financial reporting and simplifies the process of closing the books, enabling organizations to achieve tighter financial control and enhanced traceability. The platform provides end-to-end process visibility, including comprehensive management of inventory and manufacturing, all within a unified platform.

Functionality and Modules


Financial Information & Internal Controls

Leverage NetSuite’s robust platform to enhance financial tracking, streamline system changes, and ensure detailed audit and traceability capabilities tailored to the biotech industry. Effectively manage and monitor internal controls to meet stringent compliance standards, including preparation for SOX controls and future audits. Additionally, take advantage of NetSuite’s advanced reporting features to fulfill SEC requirements with accuracy and efficiency.


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Project & Trials Tracking

NetSuite’s powerful SuiteProjects module can be customized to biotech’s unique needs, optimizing project management, resource allocation, monitoring clinical trials, and managing approvals. With this centralized platform, teams can increase collaboration and communication, ensuring better oversight and streamlined operations.


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Procurement & Approvals

Track all procurement activities and ensure required approvals are obtained during purchasing, utilizing NetSuite to manage consumables and individually procured items, with integrated punch-out functionality for common vendors in the life sciences industry.


Multi-National & Multi-Company Reporting

Ensure seamless localization by leveraging NetSuite’s robust statutory reporting functionality, designed to meet multi-national and multi-country reporting requirements. With localizations available in over 100 countries, NetSuite empowers organizations to comply with diverse regulatory standards. For businesses operating internationally, it is essential to finalize and align reporting needs specific to each country to ensure compliance and operational efficiency.


Dashboards

NetSuite offers biotech companies a powerful platform to track and manage financials with real-time dashboards. These provide clear visibility into key metrics such as R&D spend, grant funding, and operational costs, enabling informed decision-making. With customizable reports and automated data integration, biotech firms can efficiently monitor financial performance, ensure compliance, and allocate resources effectively—all within a single cloud-based solution designed for scalability and growth.

Meet our leader

CrossCountry Consulting