Here is an excerpt from an article I wrote for Pharmaceutical Online about what needs to be done after winning a grant. It was also published by Outsourced Pharma, Bioprocess Online and Biosimilar Development.
After an exhausting process, you finally received the grant you need to make your passion project a reality. The tough part is over, right? Not exactly.
Yes, you now have money to continue your research and start a business, but with that comes the responsibility of answering to the entity paying the bill. Manage your grant funds correctly and you’ll find yourself operating smoothly with the potential to secure more in the future. Mismanage the situation and you could end up on the government’s naughty list. (There is, in fact, such a list.)
Here’s how to ensure you’re successfully maximizing that infusion of money and setting yourself up for further success in the grant world.
1. Establish An Accounting And Reporting Process
Chances are, you think big. That’s what landed you the grant in the first place. But many big thinkers are so preoccupied with changing the world that they miss the smaller details. For people who spend their days toiling away in labs or workshops, concepts like bank reconciliations, purchase orders, requisitions, time cards, and compliance are often extremely overwhelming or downright alien.
Programs like QuickBooks can help you organize projects and keep track of every financial expenditure, including wages, office expenses, insurance costs, meals, legal fees, consultancy expenses, supply costs, and travel. But even with software doing the hard work, it’s crucial to have somebody with a thorough knowledge of finance and budget tracking on staff, or as a partner, to ensure that everything is being properly logged when it comes time to report to the government.
For the four other crucial steps one needs to take to avoid mismanaging biopharma grant funds, read the rest of the article at Pharmaceutical Online.