Being a pharmacy owner is very stressful. So much causes stress, PBM reimbursement pressure, phone ringing, employee issues, customer complaints, break ins and more. But one of the largest stress causers we hear often is poor accounting. Independent pharmacy owners tell us they don’t know how well or poor the business is doing, they do not know what is causing their cash to decrease or if they had too much payroll. Sometimes this is because they have a bookkeeper in house that is recording entries wrong, sometimes it is because their local accountant is slow and provides financials 2 months late and sometimes their accountant simply does not understand pharmacy.
Why are you letting this happen? It is causing you to have sleepless nights, worry and making owning a business tough. Your accountant should get you accurate, detailed and timely financials. These financials should give you insight into revenue, DIR and GER fees, rebates, current cash position, tech vs rph vs clerk payroll dollars, and more. Having all of this allows you to know exactly how your business did and then know what caused your business to have a good or poor month. All of this allows you to make changes going forward and they should help you decide what to do going forward.
Expect more from your accountant and if they can’t deliver make a change.