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Accounting
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AI-Powered Accounting for Biotech & Life Sciences Companies
From pre-revenue research through IPO. Real-time compliance, clinical trial tracking, and investor-ready financials.
Why Biotech Accounting is Different?
Long Pre-Revenue Phase
Biotech companies operate for 3-7 years without revenue. Most accountants focus on profit & loss. You need burn rate analysis and cost tracking.
Clinical Trials Are Complex
Clinical trials involve CRO vendors, site payments, and grant tracking. Invoices are messy, accruals are manual, errors are expensive.
Regulatory Compliance Requirements
FDA, EMA, and SOX regulations demand specific documentation and audit trails. One mistake = audit failure.
Multi-Entity Structures Are Hard to Consolidate
Clinical trials often span multiple subsidiary sites and entities. Consolidating their financials correctly is manual and error-prone.
Service
01
Monthly Accounting & Close
Clean, consolidated books every month
Get your financials consolidated and audit-ready within the first week of each month.
Includes:
- General ledger reconciliation with accrual-based bookkeeping
- Customized chart of accounts (built for pre-revenue vs. commercial biotech)
- Accounts payable, receivable, inventory, and COGS tracking
- Consolidated financials for multi-entity clinical network
Service
02
Clinical Trials, CRO & Grant Accounting
Expert handling of biotech’s most complex cost centers
CRO invoices, clinical site payments, and grants require specialist oversight. We handle all of it.
Includes:
- CRO invoice review and prepayment vs. accrual tracking
- Clinical site payment tracking and management
- Grant budget alignment and milestone revenue recognition (ASC 606)
- Non-dilutive funding reconciliation
- R&D cost tracking and capitalization policy
Service
03
Tax, Credits & Incentives
Maximize available tax benefits during your pre-revenue phase
Biotech companies qualify for R&D credits and incentives most accountants miss.
Includes:
- R&D tax credit identification and strategy
- Section 382 loss limitation planning
- Equity-based compensation accounting
- State and federal biotech incentives (NY, CA, MA biotech credits)
- Tax planning for different funding stages
Service
04
Audit, Compliance & Investor Readiness
Build audit-ready, IPO-ready financials from
day one
day one
Prepare for investor due diligence and eventual IPO/M&A from the start. Not during it.
Includes:
- Financial statement assurance and audit support
- Internal controls design and documentation
- ASC 606 revenue recognition validation
- Audit-ready, investor-ready, IPO/M&A-ready compliance
- Enterprise-grade security for clinical trial and R&D data
Accounting for Life Sciences & Biotech
Life sciences and biotech finance has special needs. R&D cycles are long. Rules change. Oversight is strict. Money management is hard.
Bay Forward gives accounting and bookkeeping services to biotech, pharmaceutical, and medical technology companies. We are an accounting firm specializing in life science industry. We make sure you follow rules and are ready for audits. This lets your team focus on new ideas in drugs, gene therapies, or medical devices.
We Help These Companies
We help many companies in healthcare and life sciences:
Biotechnology Startups
We help from early funding to clinical trials. We use our biotech accounting skills.
Pharmaceutical Companies
We help with R&D, making, and selling. We use special pharmaceutical accounting.
Medical Technology Firms
We manage their project money.
Clinical Research Organizations
We help make new devices and software. Our medical technology accounting supports them.
Life Science Companies
We offer money help and guidance. This includes accounting controller services and virtual financial controller support.
How We Work
Bay Forward works with you. We do more than just numbers. Our way of working is:
We Guide You
We see problems early. We give solutions for the
We Partner
Our experts design custom AI architectures, select optimal algorithms, and create detailed implementation roadmaps.
We Grow with You
Our services change as you grow. We help startups and big companies.
We Focus on New Ideas
We handle money. Your team can focus on R&D.
Why Pick Bay Forward?
- We Know Your Industry: We are biotech accounting experts. We know R&D capitalization, deferred income vs unearned revenue, revenue deferral journal entry, and industry details.
We Use AI: We use artificial intelligence in accounting. This makes our services faster and more precise.
We Know Software: We know accounting software for pharmaceutical companies, biopharmaceutical and HR softwares.
- We Are Trusted: We are among top CPA firms in Canada and major accounting firms in Canada.We are your best account consultants.
Ready to Take Control of Your Books?
Contact us today for a free, no-obligation consultation. Let’s discuss your bookkeeping needs and how we can help you achieve your goals.