Perform a financial analysis of resources needed to ensure a quality laboratory


Implementing the Quality Management System (QMS) is one thing, maintaining it is another. To be able to better maintain the QMS at all times, it is important to know how much money is generally needed to maintain the quality laboratory. This means you have to know the income and expenses.


Perform a financial analysis. Identify how much money comes in and from which sources, and how much money is spend, and on which budget lines (think of costs involved with facility maintenance, equipment purchasing and maintenance, supplies, human resources, etc.). This enables you to prepare for the costs for the next year. If you see that the costs are going to be higher next year (for example because a new piece of equipment needs to be purchased, or because new staff must be hired), you can already anticipate this by starting to look for more funding.

How & who

Laboratory Manager (together with Financial Officer if applicable):

  1. Determine the income of the laboratory over the past year.
  2. Identify the sources of this income and how much money was brought in by each source.
  3. Determine how much money was spent last year and on which budget lines.
  4. Make a prognosis of income and expenditure for the coming year. If necessary, take action to prevent shortage of money next year.
  5. Document and archive this analysis in a new folder entitled "Financial Analysis".
  6. Repeat this exercise each year.

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This activity belongs to the QSE Purchasing & Inventory