What’s so great about Flex Databases Project Management & Budgeting module? It’s about hard things simplified into one logical flow

International clinical trials, in most cases, mean multiple currencies and exchange rates throughout all financial operations. Be it site or PI payments or transport and meal compensation for the patients; you will face the need to handle currency conversions in contracts and invoicing.
Usually, everybody faces a lack of control and transparency when it comes to multiple currency projects. Here are a few examples of issues that our CRO clients have faced:
Case 1. Except for the US sites, it is pretty standard for sites and investigators to get paid in their local currency as local regulations require. At the same time, all costs incurred by CRO are reimbursed in the currency, which is convenient for the Sponsor.
Case 2. Patient travel costs are sometimes paid in a local currency, and investigators are paid in EUR.
Case 3. Some activities performed by the site can be paid for in different currencies. For example, most patient visits are paid in EUR, but unscheduled visits require payment in local currency.
How Flex Databases platform can help you with multiple currency management
We have two financial modules which support the process:
Both modules allow incorporating multiple currencies into budgets and contracting terms. There are three ways to set up exchange rates:
Aside from the configurable exchange rate, the system provides aggregate reporting in different currencies, which brings a lot of visibility and transparency to the entire process.
Stop struggling with the current rate issues and start using our convenient Project Management & Budgeting and Subject Tracking & Invoicing tools.
Sounds like something you’d like to try? Request a demo through the form on top of the page or contact us at bd@flexdatabases.com
Tell us more about yourself and we will organize a tailored live demo to show how you can power up your clinical trials processes with Flex Databases.