Making sure your numbers add up can save you stress and the cost of fines.
Pharmacy has many nuances that make accounting, GST and income tax not so straightforward. Having an accountant who understands your industry can minimise or eliminate your risks.
RSM has prepared business activity statements (BASs), financial statements and income tax returns for hundreds of pharmacies. We know where the pitfalls are and can guide pharmacy owners and their bookkeepers in how to properly account for pharmacy businesses.
Or, if owners prefer, RSM can be your pharmacy finance department and process your pharmacy transactions for you.
Making mistakes in BASs can be costly. And ensuring your financial statements and your BASs align requires an experienced pharmacy accountant.
Good accounting practices lead to useful information
Believe it or not, that ‘paperwork’ which pharmacy owners often ignore, can actually produce good management information if it is processed correctly the first time. So, taking the time to ensure you manage your tax compliance risks, by properly recording your transactions, means you also produce good information for reviewing the performance of your pharmacy.
If you have borrowed money from your bank, you will most likely have to produce financial information on a regular basis. Having good accounting practices in place means that you can provide this information to your bank in a timely manner – once your pharmacy accountant has had a quick look at your accounting file.
Perhaps your cashflow slows down and you need to request a temporary overdraft. Having good accounting information means that you can provide your banker with up to date results and answer that question about why this has happened, with some help of course.