Your Trusted Partner in Pharmacy Accounting and Financial Advisory
How Can Management Information Help Your Pharmacy Business Stay Financially Compliant?
Every pharmacy, regardless of size, must comply with financial regulations to avoid HMRC penalties. While this can be complex, tools like management accounts simplify the process.
What Are Management Accounts?
Management accounts are internal financial reports that detail a business's performance over a specific period (e.g., monthly or quarterly). Unlike statutory accounts, they are voluntary and help owners/managers make informed decisions by providing a clear picture of revenue, expenses, and profitability.
How Do They Aid Compliance?
Accurate, timely financial information is crucial for meeting tax reporting and VAT obligations. Management accounts help identify discrepancies that could lead to misreported PAYE/NICs, VAT or Corporation Tax errors. These records also ensure the year-end statements accurately reflect the financial performance of the business, aiding HMRC compliance and fostering trust with lenders and stakeholders.
Tracking Performance and Mitigating Risks
Management accounts help monitor performance metrics and spot risks, such as erratic sales, margin pressures, or cash flow dips, which could lead to missed tax payments or late supplier payments. Early detection allows corrective actions, like adjusting spending or securing working capital financing, before issues escalate.
The Value of Professional Support
Working with an accountant enhances the effectiveness of management accounts. Accountants ensure data accuracy, interpret complex insights, and offer strategic advice tailored to your business. Team SAS can help you stay compliant while aligning financial insights with your operational goals.
Special Offer for Numark Members
We offer a 10% off fees for all current qualifying Numark members who become new clients.
Get in touch for a free discovery call enquiry@teamsas.co.uk or 0118 911 3777.