Bookkeeping & Reporting
One Perth pharmacy told us that bookkeeping was preventing them from spending time training staff and improving the business’ systems and procedures. They were also paying bills late in the night and weren’t able to go away on holidays without having to pay wages during their ‘break’. The pharmacy owners approached Peak Strategies to take on the role and they haven’t looked back. We improved reporting and data sharing, installed cloud accounting software solutions and data storage. Improved systems and procedures meant they were outperforming the industry, were able to purchase other pharmacies and take on opportunities that they wouldn’t have even contemplated. But the best part of all, they can now take a proper holiday!
One pharmacy was using an accountant that didn’t understand the pharmacy industry and its requirements. Their bookkeeping systems were inaccurate and the financial reports didn’t make sense so they weren’t meeting bank reporting covenants and struggled to meet ATO lodgement and compliance. Peak Strategies assisted by training their bookkeeper and improving procedures which meant the client could meet ATO compliance deadlines and bank reporting covenants and the client has a much better of understanding of how his pharmacies are performing.
Family court will often call for an expert witness to undertake a valuation on a pharmacy. On several occasions Peak Strategies has prepared valuations and appeared in court to testify. We have been able to help parties on both sides understand how the pharmacy is performing; the valuations methodologies used and market value determinations and variables. The time we have spent working in the industry means we can provide court with a good understanding of pharmacies and the industry and competition pressures they face as well as the impacts of PBS reform and price disclosure measures.
New Pharmacy Owner
A young pharmacist wanting to buy his first pharmacy approached Peak Strategies because he knew we had the knowledge he needed. We undertook the valuation to assist with finance and helped him obtain bank finance. Gaining advice on the most appropriate structure to own a pharmacy in was also a priority for him. We then installed top quality bookkeeping and reporting systems with the best cloud bookkeeping and data storage solutions to ensure the pharmacy met its bank reporting obligations. Since set-up we’ve been able to advise the client on the pharmacy’s performance in relation to current industry trends and he’s thrilled that the pharmacy is operating better than it did under the previous owner and outperforming the industry.
A small group of pharmacies was being looked after by an accountant who didn’t understand the industry. The owners approached Peak Strategies to take over the accounting, tax agent and reporting functions. We were quickly able to improve reporting so it was more relevant and comprehensive and then undertook thorough budget processes to forecast and plan cash-flow for the next financial year. We’ve also been able to help the owners understand how the pharmacies were performing in relation to current pharmacy trends.