Mohammad Khan Yusufzai is Masters in Management, specializing in Economics, Finance and Marketing, with corporate & lectureship exp.
Equip your pharmacy with OnlineCheckWriter.com, a complete cloud-based accounting and payment management software that can handle all your pharmacy needs such as payroll management, vendor management, invoicing, ACH, check printing, and a lot more.
There was a time when people would open a pharmacy, and customers would come naturally. Pharmacy owners had a good patient base and earned decent profits. Today it is far more difficult to manage a pharmacy. With all the stringent regulations and tough competition from big pharmaceutical companies, independent pharmacy owners struggle too much for slimmer profit margins.
As a pharmacy owner, you need to keep all your efforts focused on the growth and profitability of your pharmacy. And accounting is essential to measure the profitability and financial position of your business.
There is lots of accounting software available in the market that can take care of all the accounting needs of your pharmacy. Irrespective of the size your pharmacy operates on, accounting software manages all your book-keeping needs effectively and efficiently.
If you are still stuck at keeping paper records or at complicated excel worksheets to perform basic accounting operations, you are digging your own grave. Accurate records are necessary not just for calculating the results of your operations but are also required by the law for taxation and solvency.
Make sure that you take advantage of advanced automation and accounting software to keep your business at an edge over the competitors.
Let’s take a deep look into why your pharmacy needs accounting software:
Digital Invoicing and Billing
Invoices are a really important document for your pharmacy. They initiate the payment process from your customers. But if your pharmacy has to deal with a large number of clients on daily basis, it becomes impossible to make invoices, billing, and keep track of their accounts. Moreover, making invoices manually is a very time-consuming process. And a little mistake can even land you in legal trouble, apart from possible financial losses.
Accounting software such as Online Check Writer provides automatic invoicing to pharmacies. Thus, you look more professional to your clients and save a lot of time on making invoices.
Accounting Software Ensures Accuracy
You can be exceptionally good at handling large numbers. But accounting is a lot more than large calculations. It is a proper and systematic record of business transactions of financial nature. A single accounting transaction involves entries in at least two accounts.
So, Accounting is much more than calculations. Accounting Software keeps all the entries and book-keeping procedures accurate. They will never miss updating a single account.
Doing all these functions manually increases the risk of errors and inaccurate data in accounting records.
Accounting Software Offers Better Reliability
Manual book-keeping always comes with the risk of errors. There is a significant chance of inaccurate records, omission of entries, and misrepresentation of financial data.
Accounting software is highly reliable. You are certain that there's no rounding up of numbers, no omissions, and no inconsistencies with them. This is especially necessary when you are evaluating the performances of your business or at the time of tax calculations.
Faster Accounting through Accounting Software
Accounting software automatically updates the effect of a single entry throughout the accounting records. It is a lot faster than manually updating the accounts.
Speed is always an issue for manual accounting. And if you have fewer workforces or you are a solopreneur, the accounting will always be a cumbersome task for you. Think about all the paperwork.
If your accounts' balances do not match, then finding the error is something that might take days to rectify. Here Accounting Software rescues you from all these issues by automation of the entire process.
As an independent pharmacy owner, you want to keep a lot of things private. Your ex-employee or competitors may use vital business information such as vendors, customers, or purchases. Since a paper account is easily readable by anyone, you are at risk of losing such sensitive information. With accounting software, you can set passwords to your accounts. You can also limit what parts of your business accounts are accessible by which department.
For instance, the sales department cannot access the accounts of the HR department. Likewise, only you can access the Final Accounts of your business.
Accounting Software can grow alongside your business. You can add as many new accounts as you want. Be it the increasing number of employees in your firm, or a lot of new vendors, accounting software can easily accommodate all the changes of any scale as your business grows.
Of course, that's another reason why large organizations have accounting software. With their scale of operations, it is impractical to keep physical accounts.
Manual accounting becomes impossible as soon as your pharmacy has outgrown a particular limit.
Simple and Easy to use
You don't need to have an accounting certification to operate the accounting software. They are easy to use. Even some basic knowledge of book-keeping is sufficient. That means you or your employee can do the necessary book-keeping for your business.
You don’t need to pay accountant fees or hire a dedicated accounting team to record your operations. Everything is done simply and seamlessly.
Without accounting software, you would be spending a lot on hiring accounting staff, accountant fees, report creations, and paperwork.
Accounting software saves a lot of your pharmacy costs here. It automatically updates the effects of any business transaction across all the accounts. Naturally, this results in saving time as well. You can focus more of your efforts on growing your pharmacy. Thus, not only accounting software helps in saving costs, But it also helps you to improve your overall productivity.
This article is accurate and true to the best of the author’s knowledge. Content is for informational or entertainment purposes only and does not substitute for personal counsel or professional advice in business, financial, legal, or technical matters.
© 2022 Mohammad Khan Yusufzai