This will give you confidence in your accounting and financial statements. Once you have an understanding of your current accounting system, take advantage of any technologies or processes to improve the accounting back office. Furthermore, having timely and accurate information will open the door to proactive tax strategies you will not be aware of with a reactive accounting system.

To make the process more efficient, you need to use technologies that allow your accounting file to be shared simultaneously, without backing up files or sending them to the CPA via flash drive. That helped them understand better why our cost of goods sold has been consistently high compared to budget. Assisting independent pharmacy owners throughout the country with cash flow, financing, profitability and tax compliance.

Accounting, Taxes, Data Dashboards, Mgt Consulting Bundle

Luckily, FreshBooks accounting software makes the process quicker and easier with recurring invoicing. You can create a recurring profile in a few clicks and FreshBooks will automatically send the invoices for you, freeing up your team’s time for more important tasks. Pharmacies need a steady cash flow to pay their expenses and cover payroll. FreshBooks makes it easier than ever for clients to pay their invoices, so you don’t have to waste time chasing down payments. Get paid 11 days faster with convenient payment solutions that work for your pharmacy and your clients.

You’d like to spend the bulk of your day addressing the needs of clients, but sometimes the accounting burdens of running a pharmacy get in the way. You need accounting software built for small businesses to minimize the workload for you and your employees. FreshBooks offers best-in-class accounting tools designed with your pharmacy in mind. Ditch the complicated calculations and time-consuming spreadsheets for a suite of products that works together to offer a streamlined accounting solution to help your pharmacy grow. The all-new FreshBooks now supports double-entry bookkeeping, to get deeper business performance data and growth potential insights.

The Best Accounting Software for Pharmacy

FreshBooks helps you wow clients with invoices that are every bit as professional as you are. Create sleek invoices and reports that reflect the unique branding and personality of your pharmacy business, so you always stand out from the crowd. You may spend late nights and early mornings advising clients and filling prescriptions. Achieve a better work-life balance with FreshBooks by automating accounting tasks that slow you down. Automatically organize expenses, track time and follow up with customers. In the pharma industry, the costs incurred for manufacturing and items used for manufacturing are integral parts of the company’s total expenses.

Making sure inventory is as accurate as possible on your accounting records is paramount to making sure your accounting system is giving you the data you need to manage your pharmacy. Typical best practices for inventory management include buying better, frequent cycle counts with a perpetual system in place as well as biannual actual physical counts. These processes will give you solid data points and historical trends to help your pharmacy CPA make better accounting adjustments on your books.

Standard Product Costing

We are committed to providing you with the tools you need to make sound decisions every day. Check out our extensive mix of educational resources, and please contact us should you need any help finding the answers to your questions. The screenshots below display small samples of portions of each of the five dashboards available to IRx Pharmacy Accounting Services clients. You can now customize your FreshBooks experience with a range of business-friendly apps. This past fall I started working on an MBA through West Texas A and M’s distance learning program and the first course I took was accounting, which I had never taken before.

• FreshBooks stays in sync across all your devices, so you always have access to the latest financial data.
• Get started using simple cloud-based accounting software for your pharmacy with a free 30-day trial.
• You’d like to spend the bulk of your day addressing the needs of clients, but sometimes the accounting burdens of running a pharmacy get in the way.

You end up with timely financial data that will keep you in control of your pharmacy. Once you have cleaned up the accounts to date and have a solid foundation to start with, the next step is to implement daily and monthly processes so you do not fall behind again. This includes making sure daily point-of-sale reports are entered and the bank account is reconciled to those reports.

LET’S HAVE A CUP OF COFFEE!

Let us record and accurately categorize your day to day transactions. Additionally, via your personal data dashboard, we also provide notable highlights and insights each month to explain significant financial changes in your business. We can also refer you to companies that can help you with marketing, claim reimbursements, financing and other aspects of running a successful pharmacy business. Don Arthur, RPh, discusses what lays ahead in independent pharmacy, from clinical care to success stories. Outsourcing it will allow you to import the payroll entries with a click of a button, saving you time and money. Your accounts payable function may have bills outstanding from 2015, sitting as owed to the vendors, when in fact they are current.

FreshBooks makes it easier than ever for busy pharmacies to get paid with simple, secure online payments. Clients can pay by credit card straight from an invoice with just a couple of quick clicks. With high-level encryption and first-class security, your customers don’t have to worry about payment protection. FreshBooks offers a transparent, affordable fee structure to remove the guesswork from online payments for pharmacies. Invoicing isn’t the most exciting part of a pharmacist’s day, but it’s crucial for keeping your business’s finances in order.

Tax Preparation and Strategy Services

Pharma is a continuously evolving and dynamic industry, especially after this pandemic and post-pandemic era. Adequate Bookkeeping is an expert when it comes to the pharmaceutical sector. Our experts are well trained to manage this industry; we have individual pharmacists, small, medium, and even larger companies in our bucket making this one of our niches. Whether you have to plan for tax returns or to find a money-saving solution for your business, we are always here to help you. We can help you attain long-term success and financial compliance with ease and rapidness. IRx Accounting prides itself on the timely and accurate delivery of your financials – every month.

• Get in touch to find out how we can help you with your accounting, tax and financial needs.
• Assisting independent pharmacy owners throughout the country with cash flow, financing, profitability and tax compliance.
• FreshBooks integrates seamlessly with the BarCloud app for a sophisticated inventory management system.
• Make the billing process as simple as possible for your pharmacy and your clients.

FreshBooks accounting software allows you to set up billing schedules so your clients can pay for prescriptions automatically and securely by credit card, without having to think about it. Your clients save time and your pharmacy gets the financial security of knowing exactly when payments come in. It is important to have a CPA who is experienced in pharmacy accounting. The value their experience in dealing with the special business needs of a pharmacy will pay dividends to you and your pharmacy. Having a CPA and a current accounting system as your solid foundation is paramount to enhancing controls and management, staying proactive and getting ahead. I think most of us hear these terms a lot in meetings about our pharmacy’s financial performance so I wanted to clear them up.

With the the addition of double-entry accounting, you can manage your accounting professionally and effectively. The all-new Accounting Software from FreshBooks empowers you to spend less time and stress on your pharmacy’s bookkeeping. We provide a full array of tax services from Tax Strategy & Planning to Tax Preparation & Filing.

Do you report your cost at $6/pound, $7/pound, or even in the middle at $6.50/pound? This is a very real problem in pharmacy, especially as prices fluctuate drastically, we have open bottles, and it is impractical to record the price for each individual bottle at inventory. Monthly Financials delivered timely and importantly, in a pharmacy specific format. Pharmacy accounting Revenue is broken down on the P&L by PSAO, Caremark, Humana, DIR Fees, Cash etc.  Cost of Goods Sold shows you primary purchases, secondary purchases, returns and rebates. Payroll is specific to your store by type – pharmacist, technician, delivery, admin and expenses show pharmacy specific expenses vs. general expenses like rent, utilities etc.

FreshBooks offers simple cloud-based accounting software to help your pharmacy business grow smarter and faster. It takes care of the financial health of your business so you can focus on the health and wellbeing of your clients. Get started today to send custom invoices, track your expenses and accept online payments. With award-winning customer service, help is always just a quick email or phone call away.

We often hear from pharmacists who are frustrated due to the very late or almost non existent financial reporting they receive. IRx Accounting promises monthly delivery so you can make timely decisions. Get started using simple cloud-based accounting software for your pharmacy with a free 30-day trial. FreshBooks lets you test out its easy-to-use features for a full 30 days before committing — no strings attached and no fine print.