Sector expertise is about understanding not only how business, accountancy and tax laws work, but also how it applies in particular circumstances. Here are eight reasons why you should use a specialist pharmacy accountant…
1. An ability to answer the many questions you have
Working with an accountant that has more than a superficial knowledge of your sector means that they will be in a much better position to help you when it comes to answering your questions, as they will understand where you are coming from and what you mean. Moreover, having a sector-specialist accountant means you will be talking to an expert who speaks your language and is able to convey information in a relatable and understandable manner.
2. Offer you depth of expertise and experience
Whilst general accounting practices still apply to the pharmacy sector, there are some rules and regulations that are specific to the industry – does your adviser have the depth of experience to be able to offer you a full service?
A specialist pharmacy accountant and adviser works with pharmacies on a full-time basis, as well as with key sector organisations, so they understand not only the challenges but also the opportunities available in the industry.
3. Planning for the future
Short, medium and long-term plans should be regularly on the agenda when you speak to your adviser, and a specialist adviser may be able to put opportunity your way. For example, if you are looking to expand, they should be able to put you in touch with the right people or highlight acquisition opportunities.
4. Strategic thinking
Does your accountant come up with ideas, or are you simply receiving a compliance service? Most accountants can prepare your year-end accounts and fi le your tax returns, but the good ones come up with ideas and suggestions, and even challenge your thinking.
5. Keeping you updated
Sector updates are informative and enlightening, especially when we are often so busy with the ‘day job’. Your adviser should be sending you succinct and relevant sector updates that are thought-provoking and help you generate ideas for your business.
6. Introducing you to the right people
Your adviser should be introducing you to other experts in the sector who can help you grow your business – whether that is an experienced lawyer or banker, there is nothing like a personal recommendation.
7. Helping you maximise cash and minimise tax
Your adviser should be keeping an eye on the way that you extract your monies from the business with a view to keep as much in your pocket as possible, rather than HMRC’s.
A specialist pharmacy accountant has several clients in the same sector, so they will be familiar with any sector-specifi c tax saving initiatives, allowing them to provide an action plan tailored to your individual needs.
8. Greater piece of mind
At a time of financial pressure on NHS budgets and fast technological change, you will have much greater peace of mind if you work with an accountant and tax adviser with the right kind of background and specialised understanding of the business and its industry.
This will allow them to provide you with relevant information on topical issues affecting the pharmacy market, timely business advice and customised support that will help you realise your potential and achieve your goals.
How have we recently helped our clients?
Supplier price audit
The client was concerned that the final prices being charged by the wholesaler did not match what they were quoted and what was entered into their buying system. Using our pharmacy experience and liaising with our in-house Business Intelligence team, we were able to perform a price audit check, which lead to a significant amount being claimed back from the wholesaler.
Profit/performance improvement
Our clients are always looking for ways to improve the profitability of their pharmacies. We were able to advise clients using our experience and benchmarking data, directing them to areas where they could improve, which were perhaps not considered up to that point.
Acquisitions
When clients were recently looking to acquire additional pharmacies, we were able use our knowledge of the sector along with our industry-specific benchmarking data to highlight risk areas, potential profit improvements and opportunities to expand the business, enabling them to act quickly following completion of the acquisition.
Our specialist team of pharmacy accountants and business advisers understand the unique problems you face and can support you, leaving you to focus on providing an exceptional service to clients. Please get in touch with the team should you have any further questions on how we can help you.
