A pharmacy accountant is in charge of keeping track of, maintaining, and reconciling the financial obligations of this type of company. The typical pharmacy accountant’s responsibilities include keeping track of amounts owed to other vendors pharmacy owners. Accountants must also keep track of any outstanding balances on each customer’s account. These accountants also keep their clients informed about any outstanding business tax liabilities that must be paid each year. Maintaining inventory records and preparing payroll checks for the company’s technicians and pharmacists are examples of other accountant responsibilities.
The typical pharmacy accountant has a solid understanding of local and national tax laws as they pertain to this industry. Pharmacies may have higher tax liabilities than other types of businesses, and an experienced accountant can usually assist the owners in making timely payments while avoiding penalties. Formulating a plan for a pharmacy owner to increase annual profits and reduce unnecessary operating costs is one of their responsibilities.
The job description includes routine bookkeeping duties to keep track of the business’s income and expenses in addition to tax filing procedures. These accountants usually keep ledgers of monthly debits and credits, as well as payment dates that are approaching. Because pharmacies frequently dispense medications that are covered health insurance policies, a pharmacy accountant will almost always need to keep track of this information. The amounts that customers’ insurance plans will pay versus any remaining sums to be paid out-of-pocket to the pharmacy are usually listed on these financial reports.
Other responsibilities of pharmacy accountants may include matching existing medication inventories with records of amounts paid to suppliers. Larger pharmacies may hire an inventory specialist to conduct physical inventories and report the results to the accountant. The accountant usually keeps track of the numbers for each pharmacy item and double-checks that the prices are correct. Accountants must also know where to look for and correct common record errors. For pharmacies with smaller inventories, the accountant can handle both the physical inventory and the financial reconciliation.
A pharmacy accountant’s other common responsibilities include payroll. Many pharmacies require the services of an accountant to keep track of employee hours, pay rates, and withheld payroll taxes. Preparing, issuing, and recording paychecks on the pharmacy’s designated paydays is a common job duty. Electronic direct deposits into pharmacy employee bank accounts can also be arranged an accountant.