Do you ever find yourself staring at your business’ balance sheet and wondering what it all means? If so, you’re certainly not alone!
As an owner, knowing what the numbers represent and what they tell you, allows you to drive smart business decisions, become financially literate and sleep at night knowing your position.
2023 financial year has got some head winds that may impact pharmacy trading performance going forward. Keep in mind here that 2022 bought many pharmacies additional revenue streams for Covid Vaccinations and RAT sales. Potentially many of those customers were new to your store and bought other things when they were there. Without as stronger need for RAT’s and Covid Vaccinations are customer numbers likely to drop off? This issue has been raised with me a few times with owners.
Whilst the day to day has been difficult, the growth pharmacies have seen has been significant. As we close out the financial year and we assist clients in estimating their tax position as a result of the growth they have experienced, one of the most common questions we get from clients is why doesn’t my cash position reflect these profits I now have to pay tax on?
Anyone who is in business knows that cashflow is the life blood. One of the most critical aspects of a business that keeps it moving and functioning properly. It enables you to put stock on your shelf, pay the rent, pay your staff and, puts food on your table at home. Understanding it, managing it, and using it carefully requires an almost daily constant focus. So, to help community pharmacy owners we will be presenting a series of blogs all dedicated to cashflow and these three themes, understanding it, managing it, and using it.
I cannot believe we are close to the end of a calendar year already which means… Christmas is just around the corner! Those who know me know Christmas is my favourite time of the year. As the festive season begins and our office plans our annual Christmas celebrations, I was thinking entertainment expenses are very tricky. It is commonly assumed that if you spend money in relation to your business, it must be deductible right? Read on and I will tell you more about what can make entertainment expenses deductible for your business.
