more-arw search

Q&A Forum

Requesting a chart of accounts for Medical Device company

I recently was engaged by a Medical Device company. I have worked with Life Science clients - drug development companies - but not medical device. This client is in the early stages of development with several products but is moving towards commercialization with a CE mark product ready for sale in Europe next year. A chart of accounts from a medical device company would be helpful. This client had the typical scenario of a bookkeeper for several years with little financial oversight while in start up mode but now the business is getting "serious" and I need to revamp the COA.

Answers

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

If they are manufacturing, then a standard COA for a manufacturer. Be aware that you may need to implement lot numbers or serial numbers to track the entire audit trail. Contact the General Counsel/FDA Consultant/CPA firm to be sure.

Karen Adams
Title: Owner
Company: KJA Associates, LLC
(Owner, KJA Associates, LLC) |

Thank you Wayne

Len Green
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) |

Karen

Legacy GL systems will drive you to one COA structure. Modern GL systems may offer easier structures. Is your client going to make devices in its own facility or use a contract manufacturer (in which case your client may be a distributor)?

If you'd like some ideas on COA structures in cloud based ERP systems, please message me for some introductions.

Regards
Len

Karen Adams
Title: Owner
Company: KJA Associates, LLC
(Owner, KJA Associates, LLC) |

Thank you Len.
I have been able to obtain a COA from a CFO who has previously worked with a Medical Device client.

903 views
Topics
Products and Companies

Get Free Membership

By signing up, you will receive emails from Proformative regarding Proformative programs, events, community news and activity. You can withdraw your consent at any time. Contact Us.

Business Exchange

Browse the Business Exchange to find information, resources and peer reviews to help you select the right solution for your business.

Learn more

Contribute to Community

If you’re interested in learning more about contributing to your Proformative community, we have many ways for you to get involved. Please email content@proformative.com to learn more about becoming a speaker or contributing to the blogs/Q&A Forum.