Like so many companies, Marinus chose to use QuickBooks at the outset. But as Marinus expanded operations, it found that QuickBooks did not meet its needs for internal controls, management reporting, and external reporting:
- Journal entries could easily be overridden
- The chart of account structure required for tracking expenses by department and project was cumbersome
- The financial reporting and budgeting capabilities were very limited and led to time-consuming, manual manipulation outside the application
Marinus needed an accounting solution that would tackle these concerns and also provide controlled access to real-time information to internal and external stakeholders alike.
FINDING THE RIGHT SOLUTION
The answer was and is Sage Intacct. Sage Intacct solved all the issues above and delivered a user-friendly interface that everyone in the organization, even those outside the accounting function, found easy and intuitive. Just as importantly, Sage Intacct provided a secure environment with automated workflow that delivered better control over transaction processing and approvals, in a way that is easily audited.
Marinus has already experienced tangible benefits from Sage Intacct:
- Faster period closing
- More meaningful financial reports
- Better control and management of vendors (e.g. CROs)
- Higher satisfaction of internal users
- More efficient preparation of external reports
As a pre-revenue biotech, while Marinus needed a solution to manage expenses more effectively and to provide robust reporting, it also wanted to implement an accounting solution that could scale to meet its evolving needs – whether additional functionality within the product or from Sage Intacct’s best-in-class partners. Sage Intacct met this important criteria and Marinus has already benefited by implementing Sage Intacct’s employee expense management and integrating with a payroll solution from EmployeeMax.
In the future, Marinus is considering implementing Sage Intacct’s Inventory module. Ultimately, once Marinus starts to sell its products, it will also use Sage Intacct for revenue and accounts receivable management. In the meantime, Marinus continues to use Leap the Pond for ongoing support and consultation. As Mike McNamara noted, “the relationship does not end with the implementation.”
Marinus Pharmaceuticals, Inc. is a publicly traded, clinical stage biopharmaceutical company dedicated to improving the lives of patients suffering from drug-resistant seizures and neuropsychiatric disorders. With more than $20 million in annual development expenses, the increasing demands of a public company, and the expectation for continued growth, Marinus needed to put in place a more robust accounting solution than QuickBooks.
Sage Intacct is a great example of why advanced accounting software is such an important resource. It offers companies new capabilities and improved workflows. More importantly, it empowers companies to remain relevant and stay sustainable.Don’t think of new software as just a new accounting tool. Think of it as the foundation of your financial future. Contact AcctTwo to consult with experts in the accounting software market.
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