Pharmacy Accounting Services
Do pharmacists benefit from specialised business services providers?
We believe that business services providers in the accounting services and legal space that have prior experience in providing comprehensive services to and advising pharmacy groups deliver more efficient and effective services to you.
One example where our prior business services experience working with pharmacies can definitely be of benefit to you is when your Brisbane or Sunshine Coast accountant and lawyer are required to assist you to purchase a pharmacy (including purchasing another one to add to your existing group). Our commercial experience with Pharmacies allows us to provide greater insight into the risks and benefits of the purchase - beyond reference to published 'pharmacy business benchmarks'.
For smaller pharmacy groups we also offer a strong commercial know how in advising you on tax effective business sale or exit.
What challenges do accountants face servicing the pharmaceutical businesses?
Although Pharmacies have a wide range of products that are sold, including the prescription service, we have found that these businesses are quite good at getting their GST compliance right - notwithstanding the different GST status of the goods and services.
However we have noticed that there are still a lot of businesses not using their financial information wihtin their bookkeeping systems too assist in their financial decision making relating to product promotion in their retail outlets.
We have also noticed that some larger pharmacy groups that are required to lodge ASIC General Purpose Audited Reports have a lot of work load associated with meeting these requirements by the deadline each year. The workload is usually generated as queries from the Certified Auditor.
Finally, we have also noticed a lot of pharmacies stick with the larger, high overhead, high complexity accounting groups.
Our service to our Pharmacies has proved that an experienced General Purpose Accountant needn't be a big 4 accounting services group to deliver a service that reduces this work load in handling Certified Auditor queries, down to the minimum level possible. Ascendia Accountants service in this area is effective in this area and yet offers better priced services for you too. We have found our servives are 30% lower in fee for comparable service in this area.
Our Sunshine Coast and North Brisbane accountants in Mitchelton would be very happy to provide you with a confidential, no obligation, written fee quote at no cost to you.
So - why not get a second fee quote on your business services needs and save money while still dealing with a well resources and experienced group?