Accounting for Life Science Companies

In the rapidly evolving realm of Life Science, where breakthrough innovations and medical advancements are paramount, companies face unique accounting needs requiring specialized expertise. These companies tackle complex challenges such as regulatory compliance, research and development (R&D) expenditures, and revenue recognition intricacies in the pursuit of improving healthcare outcomes and enhancing quality of life.

Why Accounting for Life Science Companies Demands Specialized Attention

Life Science companies encompass a broad spectrum of organizations dedicated to advancing medical research, developing pharmaceuticals, and delivering cutting-edge healthcare solutions. 

These ventures are committed to addressing critical global health issues such as disease prevention, treatment, and diagnosis.

Life Science entities offer diverse products and services, ranging from pharmaceuticals and biotechnology products to medical devices and diagnostic tools. They play a pivotal role in revolutionizing healthcare delivery and driving medical innovation.

Precision Accounting Tailored for Life Science Enterprises

Given the multifaceted nature of the Life Science sector, characterized by intensive research, regulatory scrutiny, and innovative breakthroughs, there are several crucial accounting considerations that founders and managers must bear in mind:



Clinical Trials and Regulatory Compliance

Life Science ventures conduct extensive clinical trials and must navigate stringent regulatory frameworks imposed by agencies such as the FDA and the European Medicines Agency (EMA). Ensuring compliance with regulatory reporting requirements is imperative for financial transparency and regulatory adherence.


Government Grants and Incentives

Many Life Science companies receive government grants, tax credits, and incentives to support their research and development efforts. Properly accounting for these funds and adhering to reporting requirements is critical, including grants from institutions such as the National Institutes of Health (NIH) and the Food and Drug Administration (FDA).


Intellectual Property (IP) Rights

Intellectual property, including patents and proprietary technologies, forms a cornerstone of many Life Science companies. Properly valuing and accounting for IP assets is crucial for accurate financial reporting and strategic decision-making.

Life Science Startups need to consider:

Discovering Tailored Accounting Solutions for Your Life Science Venture

Accounting for Life Science startups necessitates a meticulous approach to address the unique intricacies involved, including revenue recognition complexities, regulatory compliance challenges, and intellectual property valuation. Accurate and timely accounting information is indispensable for informed decision-making and effective financial management.

At ShayCPA, we specialize in providing accounting services tailored to startups in the Life Science sector. Our team of accounting professionals possesses comprehensive knowledge of the nuances within Life Science ventures and the implications for financial reporting. To explore how we can assist you in navigating the financial complexities of your Life Science startup, please reach out to us.

Case Study

Reference Medicine Inc.

Founded in 2020 by Justin Lock and Inga Rose, Reference Medicine Inc. is a pioneering biotechnology company dedicated to addressing the critical need for human samples in medical research and development. Leveraging existing infrastructures and strategic partnerships, Reference Medicine streamlines the procurement, processing, and supply of human samples for R&D purposes.

With a growing portfolio of customers in the biotech and pharma sectors, Reference Medicine is poised to revolutionize the field of medical research and development. By providing access to high-quality human samples and ensuring a seamless experience for researchers and developers, Reference Medicine is shaping the future of healthcare innovation.

We’ve assisted Reference Medicine Inc. with: 

    • Manage monthly Financial Reporting and Bookkeeping
    • Manage all Federal and State tax compliance
    • Yearly Tax Planning
    • State Apportionment Assistance
    • Put cash back into the Company by helping Reference Medicine Inc. qualify for valuable Research & Development Tax Credits. 

Monthly Accounting Pricing


Starting at

$900/quarter (discount if billed annually)
($10,000/in monthly expenses)
  • Reconcile Quickbooks Online (10 hours per Quarter)
  • Cash-Based Bookkeeping
  • Quarterly Video Review
  • Chart of Accounts Template Provided
  • Annual Meeting


Starting at

$1000/month(discount if billed anually)
($50,000/in monthly expenses)
  • Reconcile Quickbooks Online
    Accrual Based Bookkeeping
  • Monthly Call
  • Chart of Accounts Template Provide
    A/P A/R Tracking By Client


Starting at

$1500/month(discount if billed anually)
($50,000/in monthly expenses)
  • Reconcile Quickbooks Online
  • Accrual Based Bookkeeping
  • Monthly Call
  • Customized Chart of Accounts
  • Deferred Revenue Recognition
  • A/P, A/R Tracking
  • Inventory/COGS Reconciliation
  • Financial Metrics
  • Sales Tax Filings *
  • Monthly Financials delivered by the 15th after month end

*up to one state included in sales tax

Series A & Beyond

Based On Your Needs

Custom Quote

(discount if billed annually)

  • Reconcile Quickbooks Online
  • Accrual Based Bookkeeping
  • Monthly Calls and ongoing communication
  • Customized Chart of Accounts
  • Deferred Revenue Recognition
  • A/P, A/R Tracking
  • Inventory/COGS Reconciliation
  • Board Financials and Metrics
  • Sales Tax Filings
  • Monthly Financials delivered based date requested

Additional Tax Services

State and local taxes (SALT)

Beyond the corporate taxes to which your company is subject, we also provide services for any state and local taxes that apply to your startup. For example, we work with many tech companies incorporated in Delaware and support them with their Delaware Annual Filings.

Cross-border taxes

If you work with international investors or you plan to expand abroad, our cross-border tax expertise can help you comply with the complex applicable tax regulations. We have experience working with companies that have connections in Lebanon, Canada, the UK, South America, and various EU nations.

Our Process


Step 1: Contact Us

Get in touch and we’ll reach out to you to schedule a video call to better understand your tech startups needs and prepare a custom quote.


Step 2: Onboarding

We’ll invite you to our secure client portal where you can use our easy to use onboarding checklist to get started. See general pricing guide here.


Step 3: Review

We schedule ongoing video calls with you to review your financials and ensure all of your tax compliance is taken care off.

If you’re ready to explore our tax services for tech startup C corporations, don’t hesitate to contact our team today.