Pharmacy Tax Planning

Pharmacy Tax Planning

Tax Planning for pharmacy

“A financial year almost over….and what have you done?”

I hope business has been treating you very well this year. Just like the final stages of a mountain ascent, you may need that final boost to get you to the top and reap the rewards of your hard work. That final push is tax planning.

The starting point to tax planning is to determine how much tax you are going to pay. From here we can work out some tax strategies that can be used to help minimise how much that will be paid in both the short and long term.

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Pharmacy Marketing | Step out of your Comfort Zone

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Pharmacy Marketing | Step out of your Comfort Zone

Pharmacy Marketing Tip # 1

This is the 17th blog we’ve sent to our mailing list. We’ve had really positive feedback, some hiccups but overall it’s been exciting for Peak Strategies.

When I started working with John at the beginning of the year, I did have some reservations. Let’s be frank; I didn’t think John as an Accountant would embrace all of the marketing strategies that I have grown to love. I wasn’t sure whether he would want to be completely raw with his clients. John is amazing at what he does, his client base reflects that. Marketing however, is a completely different ball game. It involves taking some risks and being creative. Some of the time you have to step out of your comfort zone and put yourself out there. It can be scary especially for an Accountant.

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How to improve your pharmacy through being different

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How to improve your pharmacy through being different

Dare to be different

When I first started Peak Strategies (PS), I had a problem with truly connecting to what I was doing. This was because I felt no different to other accounting firms. I was delivering the same things as everybody else. I didn’t like that, I wasn’t proud. Furthermore, l wanted to feel unique and special.

Then I had a significant turning point in my career. This moment had such a fundamental impact on my business. It happened when I was in the process of choosing the PS colour and logos. The graphic designer gave me a range of colours and choice of design. She however, asked what colour I disliked the most and couldn’t image using. I said fluorescent orange and she responded with “well that’s what you’re going with”. You can imagine the panic and emotional turmoil I felt towards that response. HOWEVER at this point, I hadn’t realised that I was beginning to differentiate myself from the others (others being accounting firms).

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How to prepare for Pharmacy Partnerships

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How to prepare for Pharmacy Partnerships

Pharmacy Partnerships, what should I consider?

Following on from my blog “You want to Buy a Pharmacy, why would you want to do that?” one of the most common entry points into pharmacy ownership is partnerships.

Quite often the first entry point for most talented young pharmacists is being offered to buy into the pharmacy where they work. This is the entry point where many ownership dreams have been created.

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).

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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