A clinical trial month-end close needs to answer one question: what work has been done that hasn't yet been invoiced or paid? Cloudbyz CTFM answers it from recorded activity, because completed visits and milestones from Cloudbyz CTMS and EDC create earned amounts in real time, invoices are already reconciled, and accrual, payment and outstanding reports are ready in one dashboard. It is used by finance teams at large pharma, global multinationals, biotechs, CROs and device companies.
Why the close matters
- Expense recognition. Under US GAAP, clinical trial costs are expensed as incurred (ASC 730), so accruals must reflect work actually done (G-Squared CFO).
- Audit focus. For pre-revenue biotechs, clinical trial accruals are often identified as a critical audit matter, and the audit firm BDO notes that sponsors need their own independent understanding of trial expenses (BDO).
- Internal controls. For listed companies, the accrual process is part of internal control over financial reporting under Sarbanes-Oxley Section 404.
The close, before and after
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Close step
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In spreadsheets
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In Cloudbyz CTFM
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Work done this month
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Ask study teams for estimates
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Earned amounts from completed visits and milestones
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Site invoices
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Reconcile line by line
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Already reconciled, exceptions approved
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Earned but not invoiced
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Calculated in a sheet
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Accrual generated from the data
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CRO and vendor spend
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Vendor reports
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Spend against each agreement
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Outstanding and ageing
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Built from exports
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Ready in the dashboard
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Currency
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Converted by hand
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Local and study currency held together
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Report to leadership
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Assemble a pack
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Subscribed report
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Audit support
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Gather files
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Documents, emails and audit trail on each record
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What changes by department
- Finance and controllers: close becomes review, with a documented basis for each accrual.
- Clinical operations: no month-end requests for visit estimates.
- Leadership: accrual and outstanding reports arrive on schedule.
- Auditors: each accrued amount traces to the visit or milestone behind it.
How Cloudbyz CTFM does it
Cloudbyz CTFM is built natively on Salesforce with Cloudbyz CTMS and EDC. It generates accruals from completed visits and milestones, holds reconciled invoices and approved payments, and brings payments, paid, unpaid, accrual and outstanding reports into one portfolio dashboard, with report subscriptions. Book a demo or visit cloudbyz.com.
