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.
Requesting a chart of accounts for Medical Device company
Answers
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/
1
Thank you Wayne
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
1
Thank you Len.
I have been able to obtain a COA from a
Can someone please provide me with COA of medical device companies?
Filed Under:
Accounting