The Australian pharmaceutical industry continues to go from strength to strength, capitalising on the growing national population and the increasing dependence on the national health system.
According to the Pharmacy Board of Australia, there are close to 9,000 registered pharmacists across NSW operating across thousands of practices up and down the state. The talent pool of pharmacists in NSW is by far the largest in the country serving this increasing population.
Based on figures from the Department of Science, this sector is also of great importance to the national economy. From contributing just $16.1 billion in the 2003-04 financial year, the whole pharmaceutical sector was worth a staggering $23.4 billion in 2012-13.
These statistics might have little value to a small pharmacist running an independent business in NSW, but the turnover and revenue that your enterprise creates is certainly important to the wider picture. As well as keeping up with the vast changes in the medical world and serving your customers well, pharmacists also have to able to run their businesses productively and efficiently.
However, these efforts can soon fall by the wayside as demand for your service increases and time committed to the back end of your business decreases.
What can a pharmacy account help with?
Being a successful small pharmacy business is the goal for many in the industry, crafting a niche customer base and making an honest wage. With this in mind, it is important to remember that support in the accounting field is available.
A pharmacy accountant can ensure that your bottom line is ticking over and you are meeting both state and federal regulations. Additionally, by reducing the amount of time committed to working on administration, you and your team can focus on ensuring your business is serving your customer base with the best medicine possible and addressing their ongoing concerns.
As such, a pharmacy accountant is able to provide a number of accounting and compliance services. This includes:
Tax accounting, relating to GST, PAYG, payroll tax and super guarantee record keeping.
Annual financial statement management and assistance
Creating periodic management accounts and managing accounts over time
Business accounting software support, assistance and training
As a small business in a critical industry, accountants are also able to provide expertise on how to run your enterprise productively and ensure your operations can grow as fast as your customer base. Of course, the pharmacy accountants at DBS Accountants have years of expertise and knowledge in this sector and can offer tailored advice to make your expansion dreams a reality.
Why work with a local accountant?
Choosing an accountant is similar to customers selecting a pharmacy. By working with one that is close to home and easy to get in touch with, it is easy for problems or concerns to be ironed out before they snowball.
In addition to this, a local NSW accountant will understand the various laws, rules, and regulations of the state. This knowledge is key for pharmacists who have a medical background rather than a business one. DBS Accountants are well-trained in NSW compliance issues and are happy to take control of your back office and ensure all the numbers add up correctly.
However, it is often the service that differentiates between a national and local accountant. As a local accountant works with you on a personal level, they get a deep understanding for how your business works and can identify areas for improvement or ways to expand your operations.
Whether you’re a new pharmacy with few customers or a stalwart of the local community, you can be safe in the knowledge that a local accountant has your best interests in mind and can work with you for a better future.
Located in Bankstown or south-west Sydney?
DBS Accountants has a long and proud history in both the Bankstown and south-west Sydney region. We are privileged to serve this community and are dedicated to consistently improving our pharmacy accounting offerings.
Your accounting, auditing and bookkeeping concerns matter to us and we work with many local businesses to ensure they meet the regulations of their industry.
Pharmacies of all sizes are the cornerstone of our local communities so the expert team at DBS Accountants works tirelessly to improve your business operations and apply our expertise for a better tomorrow. Whether at the start or at the end of the financial year, there is no better time than now to think about improving your administration output with DBS Accountants.
Want to learn more?
If you wish to talk to our expert pharmacy accountants or learn more about how we can improve your back office efficiency, contact us today. Likewise, our website is equipped to provide a comprehensive overview of our services and previous successes.
To discuss in more depth with our team, call us today on 02 9796 4500.