Clinical Trial Budget and Expense Management

BudgetMinder assists the Project Management Department with tracking all of the financial aspects of their Clinical Trials. BudgetMinder allows the Clinical Trial Project Manager to establish a project budget for a project.  Expenses are then tracked against the budget. 

Information such as protocols, sites, sponsors, departments, cost centers, and accounting codes can be associated with each project. This provides the ability to report on individual sites or roll up the information for management and high level views.  For example, reports can be generated for projects, individual sites, protocols, and departments. Customized reports can also be added. 

Clinical Trial Project Managers can throw away those spreadsheets. Spreadsheets can track individual sites or trials, but when it comes to rolling up the expenses into larger categories, a spreadsheet falls flat.

The process starts when a project record is created in the database. The project name, department, protocol, sites, sponsor, signature dates, budget amount, cost codes, and any notes are entered into the database.  In addition to tracking all of the approved projects, the Project Manager can also track pending requests and add information as it becomes available.

Invoices are entered against the approved amount. The amount of each invoice is deducted from the approved amount giving an immediate total of the amount left in the budget. The database is image-enabled so that invoices may be scanned into the system and referenced at any time.

BudgetMinder benefits include: 

• Consolidate all financial information for major projects in a secure on-line database.  These projects can be categorized by type and their current status. 
• The Project Master record includes the purpose and brief description of the project and any other pertinent additional notes.
• Project approval information is readily available, including: requestor, signature dates, cost centers, accounting codes, and amounts.
• Provision is provided for linking critical documents to all projects. These documents can be in electronic format such as letters and spreadsheets or scanned images. 
• Invoices can be scanned and associated with each expense.
• Project budget and invoiced amounts can be quickly reviewed. All invoice information is entered as the invoices are approved for payment. These payments are automatically summarized and subtracted from the budget amount to show the available funding. 
• Associate one or many protocols to a project and track invoiced costs directly to their protocols. 

Project Planning Departments use BudgetMinder as an integral part of running its business.

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