Experienced Life Sciences Accounting in New Jersey
The Life Sciences realm includes a wide range of scientific technology enterprises and industries. Most of them directly support the medical and healthcare communities, which are focused on improving the quality and length of life for people across the United States and around the world.
These Life Science companies are at the forefront of development in pharmaceuticals, biomedical technologies, medical devices, nutrition and more. The Life Sciences industry is the foundation for all of the incredible advancements made in healthcare today.
Your Accounting Needs are Unique
Life Sciences companies are engaged in a unique business lifecycle—from research and development (R&D), to ongoing production, to interfacing with healthcare providers. You need an accounting firm with years of experience in the Life Sciences industry to fully appreciate the ins and outs of your industry. You need a partner who is committed to your mission of eradicating and eliminating disease, improving the quality of life for all people, and serving a vital purpose for the medical community at large.
The Life Sciences industry puts the “modern” in “modern medicine.” At Cg, we understand life science accounting and the industry-specific needs you face. We support what you do financially so that you can focus on researching and developing the new technologies that improve, extend, and save lives. Leave the financial reporting, revenue recognition, and accounting solutions to us. We are ready to supply you with the financial services and solutions that you’ve been looking for.
We Are Committed to You
You are laser-focused on discovering new insights and breakthrough technology in the life sciences sector that will change the game and make a lasting impact on the world. We understand your passion and commitment. When we do audit assessments and accounting for your Life Sciences company, we bring that same intensity and focus. We are committed to using our knowledge and experience to find the best tactics to power your next breakthrough.
Life Sciences Accounting and Financial Services
Initial Public Offerings (IPOs)
Life Sciences companies accounted for a staggering 40% of all IPOs between 2015 and 2019. If your team is preparing for an IPO, you probably have a lot of unanswered questions. Our team of experienced accountants can help get you fully ready for the process. Whether you qualify as an emerging growth company, as a smaller reporting company, or under any other filing status, we’ll explain how the system works and help you prepare your financials for this important step in your company’s growth.
Research & Development Tax Credits
The work you do is crucial to the physical and financial well-being of all Americans. In fact, for every $1 spent on vaccine development and distribution, up to $10 is saved on treatment costs. From state-of-the-art equipment to new drugs, to breakthrough research, the Life Sciences industry provides incredible value and cost savings across all branches of healthcare.
Recognizing this, the government provides generous state and federal tax credits for R&D work. The funds could cover employee expenses, important purchases, hiring of contractors, product development, trials, overhead, facilities operations expenses, and more.
These tax credits can make a substantial difference to your bottom line. Taking advantage of them gives you the potential to expand your research team, improve equipment, bring new products to market, and enhance your company’s overall impact.
To fully understand these incentives, you need an accounting firm that is familiar with the intricacies of these processes and an expert in tax credit law. Our experienced team will help get your company the value that you deserve in your tax credits.
Outside Financing
Even though these tax incentives can be life-changing, the money you get back is usually not enough to cover your constantly increasing expenses. The cost of bringing new drugs and technology to market has increased to record levels in recent years, even while research and development returns have fallen. This unbalanced system is one of the biggest financial challenges that the Life Sciences industry faces.
Therefore, investors and other outside financing have become a necessary part of the R&D process. Cg has well-rounded accounting knowledge, as well as specialized experience in the Life Sciences industry. We’ll identify and recommend the most competitive financing tools to keep your business moving.
Consolidation
You work with outside partners to facilitate the research, development, and sale of your products and ideas. To mitigate your company’s risk, it is important to carefully analyze the arrangements you make with these other parties. Our team draws not only from expert accounting knowledge but also from a comprehensive understanding of relevant legal topics. We’ll explain the importance, consequences, and benefits of the decisions you make and how they could impact your financial health.
Mergers and Acquisitions
Combining forces with another company is a big undertaking. You are ready to work together to achieve your goals, but the finance and accounting side of things might be holding you back. Don’t delay your crucial work. We have a dedicated team that specializes in mergers and acquisitions. They will provide forensic and valuation services to keep your integrity intact and ensure your company is stronger than it was before.
Cash Flow
The Life Sciences industry is highly regulated, which can make cash flow a difficult aspect to manage. It is particularly important to keep accurate records and balance sheets. This can be a lot for you to handle on your own. As a cornerstone of financial management, cash flow is one of our specialties. You can count on us to keep your sensitive information both secure and accurate.
Cg Understands the Life Sciences Industry
While some accounting firms lump all medical services together, we recognize the distinct differences between our biotechnology, pharmaceutical, and other Life Science clients—and other medical practices and healthcare companies. Although both are part of the healthcare industry, the businesses are run very differently and have unique needs.
Unlike medical practices that have to account for hundreds of patients, insurance claims and coordinating care, Life Science companies aim their focus on the B2B sector. Your purpose, obligations, and overall business environment demand unique solutions.
Our experience in the Life Sciences industry means we understand your needs, your concerns, and your goals. At the end of the day, our number one priority is to make you successful. Contact Cg today to get started.