Common Errors in Pharmacy Bookkeeping Part 2

Common Errors in Pharmacy Bookkeeping Part 2

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).

Common Errors in Pharmacy Bookkeeping Part 1

Common Errors in Pharmacy Bookkeeping Part 1

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.

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So you want to buy a pharmacy, why would you want to do that?

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So you want to buy a pharmacy, why would you want to do that?

So you want to buy a pharmacy?

I speak to many young pharmacists that are keen to buy a pharmacy for the first time. I help them with their structuring, valuations, due diligence, advice, mentoring and getting them in touch with the right lawyers and bank managers. It is a stressful and anxious time, as it should be. They are about to borrow ALOT of money.

Pharmacy & Business Mentors

Pharmacy & Business Mentors

DO I NEED A BUSINESS MENTOR?

John was chatting to me last week about one of his mentoring clients. He was explaining the exciting journey and how it’s a favourite part of his job, and the most rewarding. I think it’s amazing that pharmacy owner’s trust and respect John enough to have him mentor them. What I think is EVEN more amazing is that these people have reached out; because lets be frank it’s hard to admit when you need help.

Pharmacy- The art of reflection.

Pharmacy- The art of reflection.

I have been working alongside John at Peak Strategies for three months now.  In the time I have been exposed to the world of pharmacy only slightly.  However, I am beginning to understand the complex and current issues that pharmacy owners are facing. High rents, Chemist Warehouse, the review and the list goes on. Also we are heading up to a long weekend and I thought I would share some advice on the concept of reflection.

Acknowledgement of Country

Peak Strategies acknowledges the traditional custodians throughout Western Australia and their continuing connection to the land, waters and community. We pay our respects to all members of the Aboriginal communities and their cultures; and to Elders both past and present.

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