Biotech grant tracking is a common requirement that can be quite complex. Here is a brief overview of how Western Computer helps biotech companies track multiple grants and projects with efficiency and accuracy in Microsoft Dynamics 365 Finance and Supply Chain Management.
Grant Tracking in Dynamics 365
Grants are defined as gifts of money generally for a specific purpose or project. Typically, there are restrictions on how the funds can be spent such as spending only on a specific building project or perhaps a specific research grant to test a new drug being formulated for liver cancer.
That is why grants are typically seen and used in public sector entities—colleges, universities or life science companies to help pioneer new life-saving pharmaceuticals or medical devices. Microsoft Dynamics 365 Finance and Supply Chain Management (D365 F/SCM) is uniquely suited to enable these types of organizations to properly track and report on expenditures for these projects.
Grants are entered and tracked in the project management and accounting module of D365F/SCM. Here you can track the grants against projects and project contracts.
1. Associate grants with projects and funding sources.
D365F/SCM allows you to associate your grants with a project or project contract, as well as funding sources. Users can create various types of grants and track important information such as application due date, submission date, approval date, award date, expiration date, and start date. D365 also allows you to add new funding sources as they become available.
2. Enter and track project costs.
Grant tracking can be set up for all types of transactions, but generally are designed to keep tabs on expenses to report back to the grantor. Project statements and cash flow are available as well.
3. Create master grants, subgrants and matching types.
Grants allow you to set matching types. In addition, grants may have stipulations on matching funds that require the recipient to spend a certain amount of their own money or resources to match what is awarded in the grant. For instance, a grant for $100,000 may have a 50% matching percentage requirement attached to it. This may require the recipient to match this amount of funds in the form of payroll outlays or specific R&D expenditures.
Grants can also be part of a master grant or a subgrant. This commonly occurs when a master grant is broken down into many related sub-projects where a specific amount of the master grant is delegated to multiple sub-projects. Grants can be flagged as having state or federal mandates associated with it, often necessary when the grant originates with a federal or state agency.
How to easily track all your biotech project expenses
In addition to grant tracking in D365F/SCM, Western Computer has developed a Power BI Advanced Financials Content Pack to help biotech companies gain complete visibility and traceability for all project expenses. With multiple pre-built, interactive reports ready to go, you can easily see and track all your biotech project expenses at a glance.
Work in the scalable, secure Microsoft Cloud
The Microsoft Cloud gives you the scalability you need to grow and evolve your organization on your terms. In addition to best-in-class security, compliance, and reliability, Microsoft’s committed to its customer is unparalleled. The Microsoft Cloud provides numerous benefits for growing biotech companies including automatic updates, seamless integrations, 99.9 % uptime, global access, and subscription-based licensing so you typically have no added capital expenditures for servers or hardware.
Learn more about Dynamics 365 Finance and Supply Chain Management by watching our webinar below.
Do you receive and manage grants? If so, Western Computer and Microsoft Dynamics 365 may be the right fit for you.
The most important step in choosing the right technology is actually choosing the right partner. Western Computer is a nationally managed Microsoft Partner with all senior-level resources and deep expertise in unique biotech processes and requirements. We would appreciate the opportunity to provide a personal demonstration to your team so you can see our why our phased, methodical implementation approach for biotech works so well. Schedule your demo today or contact us any time to talk further about your goals.
About the AuthorMore Content by Gary Screeton