Pharmacy

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.

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.

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.

Does your accountant come up with ideas, or are you simply receiving a compliance service? Most accountants can prepare your year-end accounts and file your tax returns, but the good ones come up with ideas and suggestions, and even challenge your thinking.

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.

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.

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-specific tax saving initiatives, allowing them to provide an action plan tailored to your individual needs.

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.