Why Talk to Us?In the course of working closely with our Pharmacy clients, we have identified the following specific areas where we can add value:
Day to day operations sometimes hinder the strategic progress of the pharmacy. We assist pharmacies in pitching for new business, conducting cost benefit analysis on opening / expanding new units or moving to a new primary care unit and deciding on the best time to buy or sell.
As growing turnover is increasingly difficult with the level of competition in the market, careful management and control of costs will improve your profitability. We can assist clients in preparing and monitoring budgets to control overhead expenditure which will directly affect your bottom line.
Reviewing KPI's when your annual accounts are prepared is often too late. Regular interim reviews will identify issues earlier and in turn limit the impact of these issues on your next financial year. KPI's include:
- Monthly wage costs as a % of turnover;
- GP margin fluctuation;
- Identify slow moving stock;
- Buying groups to avail of discounts on purchasing;
- Promotional effectiveness.
With the increased activity of NERA and focus by the Revenue on locums - it is important that you are industry compliant and aware of any issues within your pharmacy. RBK can assist you in all aspects of HR policy including recruitment, employee handbook reviews, redundancy and salary scale review.
Taxation and Cash flow
Cash is king now more so than ever. Therefore careful management of taxation liabilities and timing of payments is important. Changes in the VAT and PAYE rates will have an impact on pharmacy cashflow. It is important to amend monthly. Interim claims for withholding tax refunds are another key opportunity to maximise cashflow.
RBK bring together a unique blend of accountancy expertise, insight and strategic business advice so that you achieve your personal and business goals.
"We work with our clients on all aspects of their business through reviews of their internal financial information and year end accounts, and by way of regular meetings to discuss changes impacting on their pharmacy"
Joe Cleary, Pharmacy Partner, Russell Brennan Keane