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Requesting a chart of accounts for Medical Device company

Karen Adams
Profile
Title: Owner
Company: KJA Associates, LLC
(Owner at KJA Associates, LLC) | Nov 4, 2015

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
Profile
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) | Nov 4, 2015

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
Profile
Title: Owner
Company: KJA Associates, LLC
(Owner, KJA Associates, LLC) | Nov 6, 2015

Thank you Wayne

Len Green
Profile
Title: Performance Improvement Consultant and E..
Company: Haygarth Consulting LLC
LinkedIn Profile
(Performance Improvement Consultant and ERP Strategist, Haygarth Consulting LLC) | Nov 4, 2015

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
Profile
Title: Owner
Company: KJA Associates, LLC
(Owner, KJA Associates, LLC) | Nov 6, 2015

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

muhammad furqan
Profile
Title: Executive Regulatory Reporting
Company: Effective Corporate Solutions
(Executive Regulatory Reporting, Effective Corporate Solutions) | Dec 31, 2018

Can someone please provide me with COA of medical device companies?

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