Top 4 Reasons Why Pharmacists Need A CPA

Posted by admin on February 21, 2022

As a pharmacist, you likely have a lot of responsibilities. Adding another task to your plate might not be the best idea. Hiring a CPA can be incredibly beneficial for pharmacists and help take their businesses to the next level. 

It's extremely important to have your pharmacy's finances treated by medical accounting professionals to ensure that every aspect is considered and analyzed to help make better and more efficient decisions.

In this blog, you'll find some reasons that'll show you how important it is for you to hire a CPA to handle your pharmacy's finances.

Why Should You Leave It To Professional CPAs?

  • Medical accounting CPAs know the industry: In the pharmacy industry, it's important to have a CPA that already has experience within this area. CPAs have basic knowledge of inventory, third-party accounts receivable, and gross margins and will help you analyze your own company's performance.

  • To keep track of your inventory: Pharmacies tend to have a big and varied inventory. The actual counts should be monitored monthly so that all data can get compiled together in one spot before quarterly reports. This gives you and accountants more insight into what trends may exist within each company's operations.

  • Third-party account receivables: With daily EFT(Electronic Funds Transfer) payments and paper checks, third-party accounts receivables are equal to a significant portion of your total revenues. A CPA is aware of what a decent AR third party balance should be according to your pharmacy's size and how it can affect your margins. Many pharmacy owners fail to follow this fundamental IRS rule due to pharmacists' lack of CPA expertise.

  • Handle Gross Margins: Maximizing gross margins is extremely important to running your business. Each percentage change may significantly influence your bottom net income figure. A CPA must know what affects your margins and what a reasonable and correct representation of your gross margin should be based on your "blend" of revenue.

Maximize Your Pharmacy's Finances With A CPA

If you're starting on the pharmaceutical market or need some help boosting your margins, at Roberts Accounting, we've got the most experienced and knowledgeable CPAs in Los Angeles, CA.

You'll see nothing but positive results reflected on your books and quarterly audits when working with us. You can be certain that our CPAs will handle all your information privately and elaborate on the perfect strategies for not losing any money but increasing your earnings.

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