Cash flow is the lifeblood of your pharmacy, essential for keeping operations running seamlessly. It's the available funds at any moment that allow you to meet daily expenses, pay your suppliers, and invest in the growth of your business. Grasping the nuances of cash flow management is critical for the sustained success of your pharmacy. Patty outlines the key strategies for maintaining healthy cash flow in your pharmacy.
Over the past month, the pharmacy sector has been buzzing with positivity due to the new 8CPA policy introduced by the Guild and the government. This policy is a hot topic for many pharmacy owners, and just last Thursday, the 8CPA calculator was released, adding even more excitement. I encourage everyone to use this calculator and input their data. And if you need help deciphering the data? I know some excellent pharmacy accountants who can assist!
But with all this excitement, you might be wondering, "What's next?" Stay tuned to find out!
July has finally arrived which means the new beginnings of another financial year. Our team are currently working with our pharmacy clients to prepare the annual budget for the next financial year. This part excites us as we get to review the past year’s performance to see goals our clients have achieved, review what worked and what didn’t work for the business and discuss challenges and opportunities that are occurring in the business.
Hello hello, I’m not sure about you but I feel like I have just blinked and it’s already the end of the financial year! Marcus and I have been working with our amazing team on compliance for our clients. As we complete these returns, we often get asked by clients if there is anything they can do to reduce their tax. Unfortunately, at that point in time there are no options available to reduce their tax liability.
Last Monday, we enjoyed a public holiday here in a not-so-sunny Western Australia. Around midday, our team chat started buzzing with excitement: the Eighth Community Pharmacy Agreement (8CPA) had been signed! This agreement is a significant win for the industry, and we at Peak Strategies are eager to delve into the details as they emerge. Early feedback from clients and other pharmacists has been positive, especially after the tumultuous year marked by the 60-Day Dispensing policy and the preceding challenges of COVID.
