Pharmacy Accountant Controllership Virtual CFO Services giving your independent pharmacy the best business analysis, guidance, and oversight of CFO.
INCREASE YOUR PHARMACY’S PROFITS WITH VIRTUAL CFO SERVICES
Often independent pharmacies need the business analysis, guidance and oversight of a high-level Pharmacy Accountant but do not want the expense of hiring someone full-time. Our virtual CFO and Controller services take advantage of powerful technology to provide a full range of services at a fraction of the cost.
Because we have over many pharmacy clients, we can quickly establish and maintain efficient accounting software for your pharmacy or pharmacies. We can implement accounting systems and controls and make sure you have everything you need to fully utilize them. We can manage your accounting department or perform full-service accounting for your pharmacy.
Our Pharmacy Accountant tax compliance services streamline your overall tax landscape and work in conjunction with our tax planning to strengthen your position year after year.
We have a knowledgeable team of tax professionals who are seasoned in corporate and individual taxation as well as many other areas of U.S. tax law.
We offer clear answers and a precise, customized approach that helps you cut through the maze of rules and regulations. We work hard to never ask to file an extension. For us tax compliance includes bringing to light any potential issues and revealing opportunities that are only covered in many traditional firms separate tax planning services.
Pharmacy Accountant Services:
- Cash flow management – is the process of tracking how much money is coming into and going out of your business. … Cash flow is the term used to describe changes in how much money your business has from one point to another. Cash flow management is keeping track of this flow and analyzing any changes to it.
- Inventory management – is the process helps track the amount of medication that is available and helps reduce costs and monitor expired medications. Pharmacies are also responsible for proper medication disposal or returns. A waste management company can help dispose of medications safely.
- Accounts receivable management – The main objective in Accounts Receivable management is to minimize the Days Sales Outstanding (DSO) and processing costs whilst maintaining good customer relations. Accounts receivable is often the biggest current asset on the balance sheet.
- Accounts payable management – refers to the practices, procedures, and policies used by a company with respect to managing trade credit purchases. These tasks involve: Seeking trade credit lines. Acquiring favorable terms of purchase. Managing the timing and flow of purchase.
- Financial statements – While running an independent pharmacy, you encounter many kinds of financial statements. Essentially, the formula means that your pharmacy has things that it owns (assets), and it must pay for those things by taking on liabilities or getting money from investors. Our Pharmacy Accountant will prepare quarterly compiled financial statements.
- AHCA Proof of Financial Ability to Operate – An applicant will have demonstrated financial ability to operate by completing proof of financial ability to operate schedules 1-7 in conformity with the below instructions and GAAP, all relevant rules and statutes, and projections that show assets, credit, and projected revenues meet or exceed projected liabilities
- Forecasts and budgets – Financial Forecasting: An Overview of Budgeting quantifies the expectation of revenues that a business wants to achieve for a future period, whereas financial forecasting estimates the amount of revenue or income that will be achieved in a future. A budget is an estimation of revenue and expenses over a specified future period and is usually compiled and re-evaluated on a periodic basis. Budgets can be made for a person, a group of people, a business, a government, or just about anything else that makes and spends money
- Financing proposals for banks – A bank loan proposal is a document used by prospective borrowers to apply for a bank loan and includes details such as how much you want to borrow, why you are borrowing, how you will repay, and other essential information.
- Check writing for your approved bills – The act or process of writing a check. Generally, one also writes the amount of the payment (in both numbers and words) unless one is writing a blank check. Under most circumstances, one gives the check to the payee, who then deposits it into his/her bank account.
- General ledger reporting – A general ledger, also known as a nominal ledger, is a bookkeeping ledger that serves as a central repository for accounting data transferred from all subledgers like accounts payable, accounts receivable, cash management, fixed assets, purchasing and projects.
- Financial Advisory Services – advise clients on investments, taxes, estate planning, college savings accounts, insurance, mortgages, and retirement. They are also known as a personal financial advisor, financial planner, financial adviser, financial service advisor and investment adviser.
- Preparation of Federal & State Income Taxes – We provide Federal Corporate Tax Preparation and State and Local Taxes preparation when applicable.
- IRS Representation – Representation allows a professional, usually a CPA, enrolled agent, or tax attorney, to “take your place” in front of the IRS. Your representative can: Interact with the IRS. Provide information and explanations on your behalf.
- Any other financial or accounting service you require.
Call one of our Pharmacy Accountant with any of your tax questions or concerns.
U.S. Income Tax Return for an S Corporation Form 1120-S. Do not file Form 1120-S unless the corporation has filed Form 2553, Election for Sub S status