Life Science SuiteSuccess Workflows: Optimizing Internal Controls and Compliance

Utilizing NetSuite workflows effectively is crucial for managing internal controls, segregation of duties, and ensuring SOX compliance within life sciences companies. Streamlined workflows are designed with both control and efficiency in mind, offering flexibility to accommodate changes without necessitating a complete overhaul.

Whether you’re looking to redesign existing workflows or considering implementing NetSuite, the following approach outlines best practices for optimizing workflows.

Pre-Built Workflows: Streamlined for Life Sciences

Pre-built workflows for journals, purchase orders, vendor bills, and vendors are specifically designed to streamline key transactions and record types for early to clinical-stage life sciences companies. Backed by extensive industry experience and best practices, these workflows support SOX compliance and facilitate readiness for public offerings.

Built with flexibility in mind, they incorporate essential features that enhance control and efficiency, including customizable options, delegate approver functionality, and automated approval notifications.

• Customizable: Workflows can be tailored to meet specific business requirements, including multi-level approvals and role-based approvals.
• Delegate Approver Functionality: All workflows support delegate approvers and utilize custom fields to store the approval audit trail for each transaction or record.
• Approval Notifications: Each workflow automatically sends email notifications to approvers when a record or transaction awaits their approval. If a record or transaction is rejected, the employee who created it receives an email notification. Additionally, dashboard reminders for all workflows are included in the SuiteSuccess bundle, providing users with a convenient way to track their approval queue within NetSuite.

Detailed Workflow Descriptions: Key Functions for Efficiency

Journal Workflow

• Approval Process: One-step approval.
• Assignment: The approver is assigned based on the employee who created or modified the journal, with each employee having their journal approver set in their employee record.
• Approval Status: Journal entries are locked while pending approval. Any edits made post-approval will require reapproval.

Purchase Order Workflow

• Approval Process: Multi-level approval.
  • Step 1: Finance review to ensure accuracy in dollar amounts, items, department, program, etc.
  • Step 2: Multi-level approval based on employee hierarchy and dollar thresholds, which are set in the employee record.
• Audit Trail: Approval audit information for up to five levels is stored in the transaction record.
• Change Requests: After approval, any changes to the purchase order require a change request and complete reapproval. Customizations can be implemented to store the change request audit trail within purchase orders.

Accounts Payable (AP) Workflow

• Approval Process: Similar to the purchase order workflow but adapted for vendor bills tied to purchase orders.
  • When Linked to Purchase Orders: Only the employee who requested the purchase order needs to approve the corresponding vendor bill.
  • Standalone Bills: Follow a multi-level approval process, similar to purchase orders.
• Approval Steps:
  • Step 1: Finance review for dollar amounts, items, department/program, etc.
  • Step 2: Multi-level approval based on employee hierarchy and dollar thresholds.
• Audit Trail: Approval audit information for up to five levels is stored in the transaction record.
• Payment Controls: Vendor bills are locked and cannot be paid until approval is completed.

Vendor Workflow

• Approval Process: One-step approval.
• Assignment: The approver is assigned based on the employee who created or modified the vendor record, with each employee having their vendor approver set in their employee record.
• Approval Status: Vendor records are locked while pending approval, with any post-approval changes requiring reapproval.
• Customizations:
  • When a vendor is pending approval, all related transactions are automatically placed on payment hold. Once the vendor is approved, the payment hold is lifted.
  • Vendor banking information approval is also included in this workflow through customization.

Additional Workflow Options: Extending Approval Control

• Additional Setup: Approval workflows may also be required for other transaction and record types.
• Common Additional Workflows:
  • Accounts
  • Departments and Programs
  • Expense Reports

Incorporating Workflows for Comprehensive Compliance

Incorporating robust workflows within NetSuite is essential for maintaining strong internal controls, achieving SOX compliance, and optimizing operational efficiency. By understanding the unique complexities of life sciences organizations, pre-built, customizable workflows can be tailored to meet specific business needs, facilitating seamless multi-level approvals, audit tracking, and payment controls. Emphasizing flexibility and adherence to industry best practices, these workflows streamline processes, preparing organizations for growth and future opportunities.

For more information or to begin implementing these workflows, contact us here. Whether you have questions or seek customized guidance, we offer support to ensure your workflows align with your business requirements.