Pharmacies Accountants

Pharmacies - 'Pharmacy in the Future - implementing the NHS Plan'

Pharmacies like the medical and dental sector is experiencing profound changes. The new pharmacy contract that was introduced in April 2005 sets out the vision for how pharmacy services will be delivered in the new NHS.

The contract aims to “bring about a high quality, patient-centred health service.” It aims to achieve this by restructuring pharmacy services according to the needs of patients by increasing the number of pharmacies, increasing out of hour services, and the use of electronic prescribing are just some of the initiatives detailed in the contract.

The contract is structured according to three areas of service:

Essential Services
Advanced Services
Enhanced Services

At Syedain & Co our medical accountants help you build the capability of your pharmacy and increase revenue streams through effective financial management and strategic planning.

Highly profitable and successful pharmacies will have to deliver Advanced and Enhanced services; the delivery of Essential services is no longer sufficient to survive as the competition gets fiercer.

In order to deliver Advanced services pharmacists need to acquire the necessary accreditation, and in order to deliver Enhanced services, a contract must be negotiated with the Primary Care Trust (PCT).

Our medical accountants can advise you about how to deliver these services in order to become a strong competitor in the market and realise the pharmacy of the future vision. Our services cover:

Bookkeeping
Cash flow analysis
Company secretarial services
Implementation of accounting and financial systems and controls
Information and web technologies
Management accounting
Payroll administration
Preparation of company accounts
Income tax projections
Tax compliance (Self-Assessment tax returns, corporation tax, VAT)
Tax planning
Management consulting

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