Pharmacy Accounting, Data Dashboard, Management Consulting Services

As a pharmacy owner (or, more accurately, a small business owner), “Accountants For Pharmacists” understand that you have very little time because you must perform many roles all at once. As a result, when you can devote a couple of pharmacist accountant hours to a particular subject, you must be extremely focused. We formulate a tax strategy throughout the year based on your individual situation. This allows us to create and provide you business tax returns quickly and accurately.

We can also refer you to companies that can help you with marketing, claim reimbursements, financing and other aspects of running a successful pharmacy business.

Pharmacies

A solid pharmacy accounting foundation begins with making sure your accounting system ties into your tax returns. Often, when a certified public accountant (CPA) prepares a tax return for a pharmacy owner, the CPA makes adjusting entries in his or her copy of the books, but does not update the set of books at the pharmacy. To make the process more efficient, you need to use technologies that allow your accounting file to be shared simultaneously, without backing up files or sending them to the CPA via flash drive. When you outsource your bookkeeping, “Accountants For Pharmacists” will keep your books up to date efficiently and accurately throughout the year. They will ensure that a professional and experienced bookkeeper with pharmacy industry knowledge can assist you with your books and your business finances. Daily and monthly aspects of pharmacy accounting and tax preparation and planning can be complex and difficult.

• They can assist your pharmacy in managing day-to-day bookkeeping tasks such as bank and credit card reconciliations, transaction recording, and sales tax management.
• The Research and Development (R&D) tax exemption in the United Kingdom is among the most productive and profitable in the world.
• When you hire “Accountants For Pharmacists,” they can assist your pharmacy in selecting suitable cloud-based accounting software, such as QuickBooks Online or Xero, and set up your chart of accounts for proper tracking.
• It is important to have a CPA who is experienced in pharmacy accounting.
• IRx Accounting prides itself on the timely and accurate delivery of your financials – every month.
• From changes in location rules and ownership laws to reduced wholesaler trading terms and PBS reforms, you need a partner you can rely on to provide you with the right advice to help your business grow.

This blog article is not intended to be the rendering of legal, accounting, tax advice or other professional services. Articles are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes. We expressly disclaim all liability in regard to actions taken or not taken based on the contents of this blog as well as the use or interpretation of this information.

Pharmacy Tax Planning Webinar

Even better, we can make certain that you are never subjected to an HMRC tax investigation in the first place. With the rising pension contributions and harsher taxes, it’s clear that pharmacists of all ages, now more than ever, need to be good with money. “Accountants For Pharmacists” Adding a new task to your list may not be the best idea.

We often hear from pharmacists who are frustrated due to the very late or almost non existent financial reporting they receive. IRx Accounting promises monthly delivery so you can make timely decisions. Going far beyond the standard accounting and tax services, our CPAs specialize in several industry areas and are in tune with the opportunities and challenges faced by each. This can be done by “Accountants For Pharmacists,” a specialist accountant who provides timely, detailed, and accurate information. Having revenue and cost of goods sold broken down by RX, OTC, LTC, and compounding, for example, will allow you to see which segments are growing and, more importantly, which segments make you the most money.