Financial Literacy for Pharmacists!
If you're like me when I qualified as a pharmacist, I had no idea how to read a balance sheet or any other financial statements. My eyes would glaze over and I would assume that the business was doing OK because people were putting money in the till each day! How wrong was I...
The best pharmacy operators that I have seen know their numbers inside out. They know what metrics to measure, what they mean and what they need to do within their 4 walls to improve them. This all starts with an understanding of your financial info. I firmly believe every pharmacist should know their way around a balance sheet and a P&L statement. Why? Because it's your arse on the line! There's no point treating it like stepping on the scales the day after Christmas and hoping for a good result... know your numbers, own them and work your butt off to improve them! This all starts with knowledge...
Free Webinar For Beehive Members
In this first webinar for our Beehive members, Nick Perrett from the pharmacy accountants JPH group, will step us through the crucial elements of a balance sheet and profit and loss statement. Nick has over 15 years experience as a pharmacy accountant and has pharmacy clients all over Australia.
We will cover:
- The importance of getting good data in
- What's a Balance Sheet and what does it mean?
- Which parts of the Balance Sheet do the banks care about?
- What should I be monitoring on the Balance Sheet? Is it different when I am buying a pharmacy compared to running a pharmacy?
- What's a Profit & Loss statement?
- How do I measure my Gross Profit... why do the banks care so much about this figure?
- What should I be monitoring on my P&L statement
- Does one bad month mean major changes required?
Nick will share his valuable insights and answer questions from our attendees. You will finish the webinar with an understanding of the financial numbers in pharmacy, presented in an easy to digest, video format.
For those unable to make the time to attend a webinar, please register your interest anyway. We will record the session and make it available to you so you can watch in your own time.