As a pharmacist, you are qualified and well trained to help the community with their health needs and I think you do a fantastic job at it! Being the most accessible healthcare professionals in Australia, you are taking care of the needs of patients’ day in and day out. So, when you become a business owner, how do you learn the business side of things?
I recently had the pleasure of running a breakaway session at the WA Pharmacy Forum called Managing Your Business Effectively – KPI and Trend Analysis. It was one of those sessions where I wasn’t sure what numbers would attend. However, the room was full, and we had some great feedback. So, for the benefit of our blog readers I have reproduced it in part below.
Firstly, a quick disclaimer. I have been doing some valuations lately where the quality of financial reports presented to me has been on the poor side and contain several clear errors. So, to slay these dragons (yes, I am a GOT fan) I thought its best to write about it so hopefully you don’t make the same mistakes.
COMMON ERRORS IN PHARMACY BOOKKEEPING PART 2
Last week we talked about how a good chart of accounts sets a good foundation for pharmacy bookkeeping. This week we will discuss another pain point we often come across. Common Errors in Pharmacy Bookkeeping Part 2:
GST on revenue and expenses
Pharmacy accounts tend to be more prone to GST errors than other businesses. It comes across many GST exceptions through the products/services it offers, and/or by the way they conduct their business (e.g. exports).
Errors in Pharmacy Bookkeeping.
Everyday I deal with and review numerous sets of accounts. You’ll be surprised how big the range is for the difference in quality of data in the various accounts. Some of the accounts are just so glorious; they represent a true and fair picture of the business. Others requires a bit of an “accounting touch” to it and some will drive me directly to the café downstairs and get a mocha (yes, my fav) to calm myself and prevent me from pulling all my hairs out. Once in a blue moon, there are the ones where it’s beyond repair and you just better off scrunch it up, bin it and start from scratch again.