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Biotechnology is a highly competitive industry, and biotech companies face innumerable challenges when catering to the global marketplace. Due to being such a dynamic and high-growth industry, budgeting and forecasting is a challenging process. In a recent webinar, How Fast-Growing Biotech Companies Manage Corporate Performance in the Cloud , Robbie Tantoco, the Associate Director and FP&A at Keryx Biopharmaceuticals, and Robert Entwistle, the Financial Systems Manager at Sigma-Tau Pharmaceu
Static budgets rely on set periods, a fiscal year for example, and create a fixed forecast for that period. Rolling forecasts, as an extension to financial budgeting, support periodic updating of budget assumptions, and extend the time period out beyond the end of the fiscal year. By continuously forecasting out 4 – 6 quarters, you can avoid the “fiscal year cliff” and give your organization a head start on next year’s budget.
With the right tools and processes in place, the year-end close and reporting process can be less stressful and painful for the Finance team, maybe – dare I say it – even something you look forward to. Watch the Webinar Replay. Remembering the Good Old Days. When I was a staff accountant back in the mid-1980s, I remember spending many nights and weekends working to close the year-end books.
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