Benefits of implementing Pharmacy Accounting Software in your Business

Posted by AlignBooks on April 29th, 2021

Maintaining a pharma store can be a tiresome task sometimes. It turns out to be more tedious for the shop owner to work with the manual functioning model. Talking about the same, here are some of the issues faced by medical shop owners regularly

Financial Obstacles: A medical store faces a lack of capital on several occasions. The owners sometimes forget to track the sales and purchases, leading to financial problems.

Suppliers Linked Problems: It is tough for a medical shop owner to keep in regular touch with each wholesaler. Interaction with no record of reports of the goods supplied affects the business strategy.

Inventory Management problems: As there are large stocks of medicines in a Pharmacy store, customer-related queries are bound to happen. A medical store needs an easy ordering of prescriptions to let their inventory function smoothly.

Problems related to Employee Management: Manually tracking employee attendance is not possible these days. But it is also essential for the owners to maintain all the employee-related aspects efficiently.

Problems related to government rules and regulations: Calculating the GST on every prescription is a difficult task. Medical store owners get to deal with many patients/customers every day, and they can't calculate the taxes every time manually.

Medical store owners can deal with these problems through Pharmacy Accounting Software. Implementing software like this is easy and an all-in-one solution to all accounting-related issues.

Here are some of the features and ways how this software can implement and help the pharmacy sector:

• Proper Billing System: Creating invoices with GST included/excluded becomes easy now. A pharmacy billing software automates all the processes with easy checkouts and multiple payment options.

• E-prescription for better efficiency: E-prescription offers a better option for patients and vendors. It allows physicians to give new refills to the medical store. Also, it removes the area of confusion between the patient and physician by presenting the correct prescript.

• Tracking and Reporting Feature: Real-time stock visibility is necessary for the management of the medical store. It not only avoids stockpiling but also improves the stock distribution between different franchises. The reporting feature allows the medical shop vendor to track the interaction with customers/suppliers regularly.

• Text Message and Notification System: With the help of a mobile application solution, customers can be inferred before their medication goes out. Also, the regular situation updates help the pharmacist to stay in touch with the patients/customers.

Conclusion

Every business owner wants automation in their Business. When it comes down to a Pharmaceutical firm, accounting plays an important role. It not only helps in producing invoices and bills but also helps in generating narcotics and GST reports. To manage their stock of medicines, medical equipment, expiry, and billing are the basic needs of a medical store.