Having the right accounting software and tech stack is critical for ensuring that your pharmacy runs as smoothly as possible.
Taking advantage of proper technology will reduce the amount of manual data entry that has to be done and increase the level of accuracy in your financial data. You will be able to save yourself a considerable amount of time and effort in all of your accounting and bookkeeping tasks, giving you more time to focus on caring for your patients and growing your business.
McKesson is one of the leading pharmaceutical distributors and health information technology providers in North America. Every pharmacy needs good management software to streamline its workflow, and McKesson’s Enterprise Rx software is a leading tool in this category.
Enterprise Rx is a cloud-based pharmacy management software that can help you process your patient's prescriptions. McKesson also has a point of sale system that integrates with Enterprise Rx so you can easily manage all of your pharmacy's retail sales, bill patients, and keep your inventory up to date.
Utilizing these cloud-based software systems means you can centralize your data if you have multiple pharmacy locations, and you can store essential data on revenue, inventory, billing, and drug purchasing.
2. QuickBooks Online
QuickBooks Online is leading cloud-based accounting software. It is an excellent option for managing your pharmacy's bookkeeping and generating financial reports more efficiently. You can customize your chart of accounts on QuickBooks Online to meet your reporting needs and automatically pull bank feeds for easy bank and credit card reconciliations.
QuickBooks Online also has a location tracking feature that is perfect if you have multiple pharmacy locations. You can use this feature to track the individual performance of each of your locations.
It also integrates with other accounting tools, payment platforms, and payroll software. You can easily import sales, billing, inventory, and purchasing reports from your pharmacy management system, streamlining your bookkeeping process.
3. Dext Prepare
Managing your expenses can be a challenge, but fortunately, Dext Prepare has a solution.
From supplier invoices to coffee receipts, it is important for your pharmacy to capture every expense transaction and store the source document for audit purposes. Unfortunately, tracking and keeping the physical copy can be a hassle, and manually entering every expense transaction can be time-consuming and may lead to errors. Dext Prepare can help with this.
Dext Prepare allows you to take a snapshot of all of your receipts and invoices. The program will pull all of the crucial data from these documents, export the data as a transaction to your accounting software and save them to the cloud.
With Dext Prepare, there is no need for manual data entry, and you never have to store another physical receipt again.
To keep your pharmacy operational, you need to pay your suppliers to ensure your inventory is restocked on a timely basis. Plooto can help streamline your payables process by helping you schedule and make payments to your vendors electronically, even if those vendors are located internationally.
Plooto can synchronize with accounting software like Xero and QuickBooks. It can then import bills from your accounting software, email approvers for payment approval, make the payment and reconcile the records in your accounting software. Plooto can handle payments in batches and control cash flow better by deciding when you will make the payments.
Payroll is integral to your pharmacy's operations, and timely, accurate payroll is one of the key elements to employee retention. Using excel or manually calculating payroll can easily lead to calculation errors, and for this reason, it should be avoided.
Instead, turn to a software program like Payworks that has been specifically designed to handle all your payroll needs. Payworks can help you manage your employee scheduling and timesheets. It can also calculate payroll deductions and will automatically remit them to the CRA, keeping your pharmacy compliant with payroll legislation.
Staying on top of technology can boost the efficiency of your pharmacy’s bookkeeping workflow and ensure that you have access to accurate and up-to-date financial data.
If you are looking to streamline your pharmacy’s bookkeeping process, contact us today. We also support biotech, life science and pharmaceutical firms in with maintaining accounting records for revenue tracking & grant applications.