When you become a pharmacy owner, one of the first things you do is build your professional team; accountant, attorney, banker, insurance provider, etc. This team is usually built upon the recommendations from friends, family and business colleagues you trust and value the opinion of.
This professional team plays an incredibly important role in the success of your pharmacy. What most people don’t realize is the significant differences there are between accounting firms.
Very few business owners are aware that some accounting firms specialize in specific business segments, similar to how attorneys specialize in different areas of law. With this focus, they understand the businesses inner-workings, it’s strengths, weaknesses, opportunities and threats. They invest time in recognizing financial irregularities that stand out.
By contrast, the vast majority of general accountants don’t realize that there are specific tax deductions and tax credits that pharmacies qualify for. If your local accountant isn’t aware of the deduction or isn’t fully familiar with how unique the pharmacy business is, you are likely paying much more in income tax than necessary.
Accounting firms that specialize in pharmacy, stay up-to-date on what’s trending within the industry. They can provide their pharmacy clients with key performance indicators and benchmarks that indicate how your pharmacy compares to other pharmacies and national averages. This key information is vital in determining areas that you may need to improve on.
Pharmacy accountants can also offer valuable tax planning advice. Tax planning includes meetings throughout the course of the year. They will review and advise on opportunities or of concern and seek ways to lower the pharmacies tax exposure. Some early planning can make significant differences in the amount of tax that a pharmacy will have to pay each year.
If you’re comfortable with your current accountant but would like a second opinion for peace of mind, Rx Advisors offers a free business income tax review that could be just right for you. Our tax professionals have recovered millions of dollars in tax refunds for pharmacies all across the country. The IRS statute of limitations generally expires three years from the due date of the tax return or the date on which it was filed, whichever is later...so don't waste time.
Rx Advisors is a team of experienced tax and accounting professionals with a passion for helping pharmacies achieve success. They specialize in accounting, payroll and tax planning specifically suited for independent pharmacies.