Accounting for Pharmacies
Professional Financial Support for Independent & Multi-Site Pharmacies
Fred Michael & Co LTD specialises in delivering tailored accounting services for pharmacies, understanding the unique complexity of NHS contracts, prescription reimbursements, retail sales, and regulatory compliance.
Why Pharmacies Choose Us
Dual Income Stream Expertise:
We manage both NHS reimbursements and retail income, optimising gross margin and turnover tracking.
Prescribed Medicine VAT Handling:
Expertly apply zero-rating and ensure correct VAT treatment under HMRC guidelines.
Inventory & Margin Control:
Control expiry-sensitive stock and monitor prescribing costs through FIFO accounting and accurate valuation.
Cash Flow Forecasting:
Plan for seasonal purchases and rebate cycles to maintain liquidity
Software Integration:
Sync Cegedim, Sunrise, or other PMS systems with cloud-ledgers to ensure real-time insight.
Regulatory & Tax Compliance:
Take advantage of tax reliefs, scheme incentives (e.g. PQS), and inheritance tax planning.
Why Fred Michael as Your Partner
Dedicated Industry Specialist
Our team has deep expertise in pharmacy financials and NHS contract structures.
Bespoke Reporting & Analysis
Monthly accounting reports with KPI tracking—stock turn, NHS sources, margin ratios—designed for pharmacy owners.
Proactive Advisory Approach
We identify underpayments, reclaimable expenses, and cost-saving strategies.
Hands-Free Compliance
Full handling of filings (VAT, Corporation Tax, Companies House) so you focus on patient care.
FAQs – Pharmacies
How is VAT on prescription medicines handled?
Our team has deep expertise in pharmacy financials and NHS contract structures.
Can you reconcile NHS prescription reimbursements?
Yes. We ensure accurate claims, detect underpayments, and reconcile with dispensing data to maximise pharmacy income.
How do you track inventory and expiry?
We use FIFO-based valuation, turnover ratio analysis, and expiry alerts to optimise ordering and minimise waste.
What financial KPIs do you monitor?
Including quick ratio, gross/net margin, NHS vs retail income split, and working capital measures.
Can you integrate with my existing pharmacy software?
Absolutely—we integrate with Cegedim, Sunrise, Sage or Xero to streamline data flows and reporting.
Do you help pharmacies plan for inheritance and leadership transitions?
Yes, we support succession planning, ownership restructuring, and tax-efficient exit strategies.
Next Steps
Let us align your accounting with your industry’s demands and give your business the financial clarity, compliance, and strategic insight it needs to thrive.
