The process of generating financial expense accruals for clinical trials has been a challenging accounting task for life science companies (Sponsors). This challenge also persists with their contract research organizations (CROs), who play a key role in providing them with information to generate accurate and timely expense accruals. Accruals can be a headache for busy clinical managers focused on their growing global trial responsibilities and financial managers who need to maintain timely and accurate financial statements. Expense accruals for clinical trials are one of the most important and challenging accounting tasks to get right.
This white paper will discuss the challenges of clinical trial expense accruals, including:
- Facing expense accrual challenges and the importance of getting accruals right
- The consequences of not getting it right
- Challenges with the traditional accrual process
- Increased regulatory scrutiny and audits and how to address them
- How purpose-built, activity-based, automated technology can help to record expense accruals, vet data and ensure accuracy