If you are looking to buy or start your own community pharmacy, establishing your accounting processes and procedures are key to your future success. But you can’t do it alone.
Owning and operating a community pharmacy has its own unique challenges, especially in managing financials. Your accounting processes and procedures need to accommodate a variety of revenue and expense streams, insurance reimbursement processes, and with increasingly complex internal controls required to be effective, efficient – and compliant.
To leverage the best accounting practices for pharmacies and create an accounting infrastructure that works for your business, you’ll need help.
Finding Expertise
There are many great financial consultants out there: accountants and tax specialists who are hardworking, ethical, and with many years of experience. But you need someone who specifically understands the sophistication and intricacies of community pharmacies, in addition to having stellar accounting skills. There are two potential options: find an accounting firm that specializes in community pharmacies; or find a consulting firm that specializes in providing operational guidance and support, including accounting, for community pharmacies.
When you partner with First Financial Bank, we’ll get to know you and your business inside and out. Whether you’re starting your first pharmacy or growing your business, we have the first-hand industry expertise to create a wide range of financial products tailored specifically to your business. Because, not all pharmacies are the same, and you should have a bank who knows your business. First Financial Bank – In the business of YOU.
This post is related to:
Finance: Mergers, Acquisitions, Buying-Selling, Franchising Finance: Financing, Banking, Business Loans
