This week's contributor is Trent Ruprecht, Business Services - Principal, PKF Sydney and Newcastle. As the pace of technological change gets faster and faster, businesses across all industries need to adapt and embrace such advancements in order to continue meeting the needs of their customers. The pharmacy industry is no exception here.
For some, technological change is a scary thought while for others it provides a competitive advantage and could potentially add thousands to their bottom line.
Here are just a few ideas how technology can significantly improve the efficiency of your pharmacies accounting function:
* System -- Accounting packages such as Xero offer live bank feeds and intuitive capabilities that can reduce your bookkeeping time and spend by hours each and every week. Not to mention the benefit that comes from having access to your financial results no matter where you are in the world.
* Integration -- Consider linking your point of sale directly to your accounting file to create efficiency within your systems.
* Time saving -- Why spend hours or even days each week and month entering countless invoices when technology exists that can scrape and convert this data directly into your accounting system. Consider tools such as Shoebox and Invitbox both of which offer a cost effective solution.
Remember at the end of the day time is money; now ask yourself is your pharmacy keeping pace?
The above article was sent to subscribers in Pharmacy Daily's issue from 12 Dec 16
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