The Life-Science Budget Model is a suite of Microsoft Excel workbooks, organized into modules. Since all modules are macro-driven and structured, users do not need to be familiar with Excel beyond the beginner level to use it. The model includes extensive self-checking to be sure your data is consistent.
While the model is specifically designed for the life-sciences, it could be used in any industry with project costs as well as period costs.
The model is best when it is shared by a team using Microsoft Teams (or Sharepoint) or another file-sharing system. Although sharing is best, the model can also be used by a single user on a local or network drive.
Using a tool like the Life-Science Budget Model can help manage your company’s budget effort. For some other ways to improve your company’s budgeting and forecasting process, see the article 9 ways to improve your company’s budgeting process.
Modules include:
- HR Module: forecast headcount and personnel costs, including salaries, benefits, payroll taxes and bonus accruals.
- Functional Department Module: forecast each department’s non-project related costs such as training, travel, supplies, etc.
- Project Module: a multi-functional project team (or project manager) can forecast project costs. Costs for each department are automatically inserted into the appropriate functional department module.
- Clinical Trial Module: specifically designed to forecast clinical trials. Forecast includes trial start-up activities, patient enrollment, site costs and trial closing activities. Clinical trial forecast is automatically inserted into the designated Project Module.
- Reporter Module: builds structured database of the other modules’ data. Includes graphical dashboard, and collection of reports. Additional reporting is as simple as building a pivot table. During installation and configuration, we’ll add more reports to meet your needs.
In addition to the Reporter Module, each module also includes a dashboard and collection of reports.
Installation and configuration
Installation and configuration is included with the Life-Science Budget Model. During installation and configuration, we’ll decide which modules you need and set them up to fit your company. If your accounting system permits, we’ll create the interface to export data from the model and import into your accounting system. I’ll include up to eight hours of my time to help you get the most out of the model. In most cases, that should be plenty to get started. If you need more help, additional support is available.
The model is designed to organize and analyze your company’s budget and long-term forecast. After importing your company’s historical accounting data, reporting will include comparison of the budget and forecast to historical results.
Model overview
The video below will give you a quick overview of the model. Additional videos are available for each of the modules.
Module Details
To explore each of the Life-Science Budget Model modules in more detail, please take a look at the videos below.
The HR Module
The HR module is designed to be used by an HR manager or general manager. It will forecast headcount and personnel costs including salaries, benefits, payroll taxes and bonus accruals. Locating the HR module in its own folder, access can be restricted to those who need to know the details
Functional Department Module
The functional department modules are the backbone of the Life-Science Budget Model. You can add data directly into a functional department module, and the module will also be automatically updated with data from the HR module and from the Project Modules. Access in a shared setting is easier if each department module is in its own folder.
The Project Module
The project module is intended for use by a multi-functional project team. Either having a single person responsible for making all changes, or using the workbook collaboratively will work. Any Clinical Trial modules related to the project would be connected. Access in a shared setting is easier if each project is in its own folder. You can look at the Clinical Trial module in a separate video.
The Clinical Trial Module
The clinical trial module will project patient enrollment and trial costs. Costs include trial planning and start-up costs, trial management costs, patient treatment costs and trial closing costs. Each clinical trial module should be assigned to a project module, and a project module can have multiple clinical trials associated with it.
The Reporter Module
The reporter module aggregates data from all of the functional department modules, verifies that all of the project modules and the HR module are included in the functional modules, and offers a dashboard and a number of reports. Reporting is easily customized to meet your company’s requirements.