The pharmaceutical sector is constantly evolving, bringing various complex challenges that must be navigated with specialised knowledge. 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.
A trusted CPA like those we have here at Pearl Lemon Accountants can help with tax compliance and other standard accounting needs. Our experts understand pharmacists’ challenges at every stage of their careers and will provide you with solutions specific to your pharmacy.
Book a call today to learn more about how our accountants can help.
You have a lot of responsibilities as a pharmacist. Adding a new task to your list may not be the best idea. In fact, 90% of pharmacists are at high risk of burnout. Hiring a CPA is a good idea as they can assist you in taking your practice to the next level.
It is critical to have medical accounting professionals handle your pharmacy’s finances to ensure that every aspect is considered and analysed to help you make better and more efficient decisions.
This section will explain why you should hire a CPA to manage the finances of your pharmacy.
As a pharmacy owner (or, more accurately, a small business owner), you have very little time because you must perform many roles all at once. As a result, when you can devote a couple of hours to a particular subject, you must be extremely focused.
This can be done by 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.
Finally, by outsourcing your accounting, you save time entering data into QuickBooks, publishing financials, and so on, giving you more time to grow your business.
Outsourced bookkeepers commonly use accounting software and other tools to streamline the bookkeeping process. When you hire an outsourced bookkeeper, 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.
Your bookkeeper can advise you on integrating your dispensary with your front-of-house systems and demonstrate how to sync these with your accounting software. This will not only help to streamline your billing process, but it will also help to reduce errors.
Your outsourced team will also be knowledgeable enough to assist you in implementing an expense management tool. This allows you and your team to share invoices and receipts with your bookkeeper while on the go.
You didn’t start your pharmacy to be a bookkeeper, and for many pharmacists, bookkeeping isn’t their strong suit. As a result, bookkeeping may be neglected until tax season arrives, resulting in out-of-date books and a lack of complete access to the financial information required to identify issues before they arise proactively.
When you outsource your bookkeeping, your outsourced bookkeeping team 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.
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. They can provide you with accurate monthly financial statements such as income statements, balance sheets, and cash flow statements at the end of the month to help you understand your profitability and overall cash position.
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.
In addition, pharmacists’ taxes can be complicated due to factors such as the NHS pension, income from private practice, and GP practice accounts, among others.
Pearl Lemon Accountants only connects you with independent pharmacy accountants who meet your requirements and have positive reviews from pharmacists like you. We have assisted pharmacists at all stages of their careers and can anticipate your needs, whether you’re just starting or looking to open your practice.
We not only assist a medical professional with accounting and tax
return, but we also help with the following:
You will be confused and overwhelmed if you are subjected to tax audits, so seek professional help as soon as a tax investigation begins. We can assist you if you have difficulty paying HMRC contributions or need assistance dealing with HMRC issues involving VAT, PAYE, self-assessment, or corporation tax. Even better, we can make certain that you are never subjected to an HMRC tax investigation in the first place.
We offer relevant tax services for all tax issues to assist you with your personal tax affairs. Decision-makers personal and professional lives are frequently intertwined. In that case, we work with you and your family to provide tax services that address your short-term and long-term objectives. Our tax professionals will assist you in managing your money, protecting your family’s wealth, and avoiding unnecessary personal tax obligations.
The Research and Development (R&D) tax exemption in the United Kingdom is among the most productive and profitable in the world. A company’s tax payment can be significantly reduced or repaid by claiming government-backed relief. However, many qualified businesses do not file a claim, either because they are unaware of the assistance or because it appears too complicated or unsuitable for their organisation.
Pearl Lemon Accountants can assist you in filing for that.
Corporate tax policies are complicated and ever-changing. Tax planning is critical for reducing your company’s tax liability. You can be confident that you are in good hands because our tax professionals are highly qualified, business-minded, and skilled at lowering tax costs.
By providing a comprehensive corporate tax compliance service, we can ensure that your company or business is structured to maximise tax efficiency and minimise business tax liabilities.
Pharmacies are busy places where the focus should be on patient care. Bookkeeping can detract from this focus and add additional work to a hectic schedule.
By letting Pearl Lemon Accountants handle this task, you can ensure that your vital financial data is in the hands of a professional while also reducing your workload so that you can better care for your patient’s health.
Contact us today to get started.
Our prices are set after carefully analysing your financial requirements as a medical practitioner. We provide rates based on custom services designed to meet your specific needs. If you’d like to learn more about our rates for various services, book a call HERE.
Pharmacies may have higher tax liabilities than other types of businesses, and an accountant with industry experience can help the owner reduce the tax they pay.
Yes, it’s possible to learn and do the bookkeeping yourself. However, we recommend reaching out to a professional, especially for a busy pharmacist like you, to reduce errors and keep your books up to date.
When you allow us to keep track of your finances, you give yourself more time to do your work and please more clients.
It's a win-win situation for everyone.
Aside from that, you'll also gain financial stability because your assets and liabilities are managed well enough not to cause any trouble for you in the future.
So let our experts work for you, and you won't regret it even a bit.
Book a call today to get started.