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.
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.