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Sectors

Accountancy for pharmacies

Keeping your business in good health

With increasing pressure on NHS budgets, many pharmacies have suffered cuts to funding over recent years - a bitter pill to swallow for businesses so vital to our communities.

At the same time, a period of rapid technological change has led to increased expectations on service, providing yet more challenges for one of the oldest industries around.

These challenges, and others, have made it harder than ever for pharmacies to make the numbers add up. But at Inform, we can help you make sense of it all, building profitability into your business for a healthier financial outlook.

We’ll make your bookkeeping a breeze and empower your business decisions - while saving you more time to serve the community that depends on you.

How we help

Vastly experienced in handling pharmacy accounts, our financial advisors are perfectly placed to help you meet the needs of a changing industry.

Whether you need support with your statutory accounts and VAT returns in light of the new Making Tax Digital era, or you want business growth advice to boost your bottom line, we’re here to take all those financial pains away.

Crucially, by setting you up with cloud-based accounting platform Xero, we unlock access to your real-time financial information, helping you make better decisions for the future of your pharmacy.

It makes it easier for you to share that financial information with us too, making traditional paper-based accounting a thing of the past.

INFORMED ACCOUNTING SERVICES
A QUICK SUMMARY
  • Core accounting: Statutory accounts preparation, corporation and self-assessment tax returns, monthly VAT returns, payroll & auto-enrolment and bookkeeping services.
  • Management accounts: Regular reporting and reviews on your businesses key performance indicators (KPIs).
  • Business growth advice: As your virtual CFO, we'll help you develop your business plan and review progress regularly, offering expert financial advice.
  • Xero: We’ll supply Xero’s online accounting package, plus help you get set-up properly and provide year-round support with add-ons when required.
PHARMACY KPIs
WHAT WE'LL HELP YOU TRACK
  • NHS vs OTC Revenue - A community pharmacy typically generates 80% of its income from the NHS contract, with the remaining 20% from over-the-counter (OTC) and other private sales. We’ll help you work out exactly where your revenue is coming from.
  • Profit and loss - A glimpse at the bank account only tells half the story. We give you a better picture of your finances, to help you diagnose any issues faster.
  • Total Operating Expenses (as a percentage of sales) - Operating efficiently is key to managing increasing pressures. We’ll help you accurately track your spend.
  • Operating profit per head - Monitoring profit per head against revenue can help highlight over-spending. Controlling your wage bill and other agency costs is key to a better bottom line.

All done? Great – then give us a call and we’ll go through all the services you need in more detail. And of course if you can’t decide, or you’re not sure exactly what you need, we’re happy to help.

Get in touch

Setting a P&L budget is not enough

Don't lull yourself into a false sense of security, by only setting a budget for your income/profit and loss statement.

We'll help you understand the relationship between your balance sheet, cash flow and P&L, so you're in more control.

And because it's real-time, you'll be able to access your numbers anywhere and on any device to see your current financial position.

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