Why You Need a Pharmacy Specialist Accountant for Your Business

If you are a pharmacist or a pharmacy owner, you know how challenging and rewarding it is to run a pharmacy business. You have to deal with various aspects of your business, such as providing quality care to your customers, managing your inventory and staff, complying with the regulations and standards, and staying ahead of the competition. However, one of the most important and often overlooked aspects of your business is accounting.

Accounting is the process of recording, analysing, and reporting the financial transactions and performance of your business. It involves keeping track of your income and expenses, preparing and filing your tax returns, managing your cash flow and budgets, and complying with the accounting standards and regulations. Accounting is essential for your business because it helps you to:

• Save time, money, and tax: By outsourcing your accounting tasks to a professional, you can free up your time and focus on your core activities. You can also save money and tax by claiming all the deductions and allowances that you are entitled to, and avoiding penalties and fines for late or inaccurate filings. Pharmacy specialist accountants are experts in the pharmacy sector and can help you to optimise your tax position and maximise your profits.
• Improve your cash flow and profitability: By having a clear and accurate picture of your financial situation, you can make better decisions for your business. You can identify the areas where you can reduce costs, increase revenue, and improve efficiency. You can also plan ahead and forecast your cash flow and profitability for the future. Accounting outsourcing companies can provide you with the latest accounting software and systems that can automate and streamline your accounting processes and give you real-time insights into your business performance.
• Comply with the regulations and standards: By following the accounting standards and regulations, you can ensure that your business is operating legally and ethically. You can also avoid audits and investigations from the authorities, and maintain your reputation and credibility in the industry. Pharmacy specialist accountants are familiar with the accounting rules and requirements that apply to the pharmacy sector and can help you to stay compliant and avoid any risks or issues.

However, not all accountants are the same. Some accountants may have a general knowledge of accounting, but they may not be familiar with the specific needs and challenges of the pharmacy sector. That is why you need a pharmacy specialist accountant for your business.

A pharmacy specialist accountant is an accountant who has specialised knowledge and experience in the pharmacy sector. They understand the market trends and opportunities that affect the pharmacy sector, such as the changes in NHS funding, the competition from online pharmacies, and the impact of COVID-19. They also understand the types of income, expenses, and tax deductions that are relevant to pharmacists and pharmacy owners, such as the dispensing fees, the purchase of drugs and equipment, and the professional indemnity insurance.

A accountant for pharmacy can provide various services for your business, such as:

• Bookkeeping: This is the process of recording and organising your financial transactions, such as sales, purchases, payments, and receipts. A pharmacy specialist accountant can help you to set up and maintain a reliable and efficient bookkeeping system, using the accounting software and systems that are suitable for your business.
• Payroll: This is the process of calculating and paying the wages and salaries of your employees, as well as the taxes and deductions that are applicable. A pharmacy specialist accountant can help you to run your payroll smoothly and accurately, using the payroll software and systems that are compliant with the HMRC and the pension regulator.
• Tax returns: This is the process of preparing and filing your tax returns, such as the self-assessment, the corporation tax, the VAT, and the PAYE. A pharmacy specialist accountant can help you to complete and submit your tax returns on time and correctly, using the tax software and systems that are updated with the latest tax rules and rates. They can also help you to claim all the tax reliefs and allowances that you are eligible for, such as the capital allowances, the research and development tax credits, and the patent box scheme.
• Business planning and valuation: This is the process of creating and evaluating your business plan, such as your vision, mission, goals, strategies, and financial projections. A pharmacy specialist accountant can help you to develop and review your business plan, using the business planning and valuation software and systems that are based on the industry standards and benchmarks. They can also help you to assess the value of your business, using the valuation methods and models that are relevant to the pharmacy sector.
• Advisory and consultancy: This is the process of providing advice and guidance on various aspects of your business, such as buying or selling a pharmacy, expanding or diversifying your business, applying for loans or grants, or dealing with disputes or litigation. A pharmacy specialist accountant can help you to make informed and strategic decisions for your business, using their expertise and insights on the pharmacy sector.

As you can see, a pharmacy specialist accountant can offer a lot of benefits for your business. However, how do you choose a pharmacy specialist accountant that is right for you? Here are some tips and best practices that you can follow:

• Check their qualifications and credentials: You should look for an accountant who has the relevant qualifications and credentials, such as the chartered accountant (CA), the certified public accountant (CPA), or the chartered certified accountant (ACCA). You should also check if they are registered and regulated by a professional body, such as the Institute of Chartered Accountants in England and Wales (ICAEW), the Association of Chartered Certified Accountants (ACCA), or the Chartered Institute of Management Accountants (CIMA).
• Check their experience and testimonials: You should look for an accountant who has the relevant experience and testimonials in the pharmacy sector. You should ask them how long they have been working with pharmacists and pharmacy owners, how many clients they have in the pharmacy sector, and what kind of services they have provided for them. You should also ask them for some references or testimonials from their previous or current clients, and contact them to get their feedback and opinions.
• Check their fees and charges: You should look for an accountant who has the transparent and reasonable fees and charges for their services. You should ask them how they charge for their services, such as hourly, fixed, or percentage-based. You should also ask them what is included and excluded in their fees, such as the software, the systems, the travel, or the VAT. You should also ask them for a written quote or proposal, and compare it with other accountants.
• Check their communication and rapport: You should look for an accountant who has the good communication and rapport with you. You should ask them how they communicate with you, such as phone, email, or face-to-face. You should also ask them how often they communicate with you, and how responsive and accessible they are. You should also check if they have a good understanding of your business goals and needs, and if they can provide you with the personalised and tailored service that you deserve.