For more than 5 years I have been preparing monthly management reports for pharmacy owners. Understanding the required information we need, to help you prepare your management reports will ensure efficient and accurate monthly reporting. Also most importantly, so you know how your business is tracking. It also ensures ATO BAS lodgements can be prepared in a timely manner and any refunds from the ATO can be received sooner!
Below are a few key tips to make your monthly reporting process a breeze:
Tip: Understanding Point of Sales Reports
It has surprised me how many pharmacist managers (and even owners) are unsure what important reports from the point of sales system are needed to acquire the key financial and non-financial figures.
Although each point of sales system and report names are different, below are just some of the important reports required each month:
· Stock on hand
· Customer debtors
· Dispensary report
· Departmental Sales
· Till report (a sales report showing the total GST component)
If you, or your team are unsure how to provide these reports and others, or if you would like our Peak team to download these for you, just let us know. Trust me when I say, we know your point of sales system well.
Tip: Downloading the right banking and other documents
Other important documents to update the monthly management accounts include:
· Business bank accounts, credit card and loan statements to ensure all expenses are taken up and the accounts are properly reconciled each month.
· Supplier invoices and statements. It is important there is an efficient process in place to ensure stock purchase and other costs are recorded accurately and that payments can be scheduled and paid on time.
· Payroll reports if this function is outsourced with another payroll service provider. This includes gross wages, PAYGW, employee superannuation and leave entitlements.
Number One Tip: Be organised and review your procedures
The reporting process is repetitive, so being organised, setting reminders, and having a checklist can be very helpful. Always ask yourself, can some tasks be delegated or automated? These will improve the management reporting process and can reduce your time spent on admin tasks.
Do you receive a reminder email every month from your accountant or bookkeeper for missing information? Are you spending more time on bookkeeping and admin tasks rather than working on your marketing or business plan and ways to improve your services?
Timely and accurate reports will drive better business decisions, however even more importantly than spending time on the admin tasks to generate the management reports, it is crucial to understand what your management reports mean. Thankfully my amazing mentor and colleague, Priya has written a blog all about this 👇
Final Tip: Engage our team of pharmacy specialists to assist with your bookkeeping.
Now that it is 2023, I challenge you to think of ways to streamline your management reporting process and implement healthy business habits.
At Peak Strategies, we can help you streamline all your reporting requirements, so you can focus on working on other important facets of your pharmacy as a business.
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