Pharmacy Owners: Must-Do Actions Before the 30th of June 2023
The countdown to the end of the financial year has begun, and its high time for pharmacy owners to take charge and prepare for a stellar finish. As we inch closer to 30 June, we often receive an influx of inquiries from pharmacy owners and managers, all echoing the same question: "What must we do before the year ends?" Well, fret not, for we have the answers you seek. In this article, we'll delve into the crucial items that demand your attention as you wrap up the year. Get ready to uncover the key tasks that will ensure your pharmacy enters the new fiscal year on a strong footing. Let's dive in!
Errors pharmacy owners are making with financial statements
I am writing this blog because some valuations I have been doing lately have highlighted some flaws in the accounting process that sit in the laps of pharmacy owners. It is rare I am unable to complete a valuation (and I have come up against some complicated beasts.) In fact, up until the last couple of months, it has only happened once or twice in +20 years of doing valuations. But it has happened twice in successive months! I have been unable to complete these valuations are the enormous discrepancies in the financial statements compared to the point-of-sale data. Furthermore, I am not taking about a few $’000’s this are several $’00,000’s. Interestingly the owners couldn’t explain the difference and didn’t even know there was one.
Efficiency and Management Reporting
For more than 5 years I have been preparing monthly management reports for pharmacy owners. Understanding the required information we need, to help you prepare your management reports will ensure efficient and accurate monthly reporting. Also most importantly, so you know how your business is tracking. It also ensures ATO BAS lodgements can be prepared in a timely manner and any refunds from the ATO can be received sooner!
Below are a few key tips to make your monthly reporting process a breeze:
Bookkeeping | One of the most critical business functions for your pharmacy
Unfortunately over the course of my career when I have seen businesses go under, (which is not something any of us want!) poor financial records are a common issue. This is because the business owner doesn’t have clarity over how the pharmacy is actually performing.
Generally, you need someone to undertake this function, who are professionally trained, and subject to the highest of quality practice standards. My view is that all pharmacy owners should be outsourcing their bookkeeping function.