Pharmaceutical Services

Our expertise in the pharmaceutical industry has served us well to effectively communicate with suppliers such as Alliance, DE and AAH. Our eagle-eyed accountants can identify discrepancies in the amount charged to pharmacies to ensure the possibility of paying more than what was purchased is virtually eliminated.  Our internal control processes protect the finances of the pharmacy by ensuring the correct quantity of stock was received and the bill is only for the relevant items of stock purchased. We also reconcile the monthly supplier statements with the invoices held by the business as an additional check which further shows our commitment to safeguarding the pharmacy’s funds thereby ensuring the bookkeeping is immaculate.

The importance of cash flow to businesses in this industry is crucial and can’t be overstated. Having to pay for supplies on a daily basis, possibly in advance depending upon the size of the pharmacy, can be detrimental without appropriate cash management when considering that funds are received from the NHS every quarter. This renders effective short-term capital management as vital if survival is to be translated into growth. Fluctuating costs of fuel involved in delivering prescriptions to customers coupled with the need to hire staff with reasonable aptitude in numeracy, literacy and technology to effectively deal with customers can create instability and economic vulnerability if prospective costs aren’t budgeted for accurately.

We also take full responsibility for the monthly filing of VAT returns, normally performed on a quarterly basis for other sectors, to ensure the necessary costs can be reclaimed as soon as possible until the necessary inflow of funds from the NHS occurs.