In addition to the funding cuts imposed on community pharmacies in England, pharmacy contractors could see a further drop in their finances following the £15m per month reduction in Category M reimbursements from the Department of Health.

How it affects your business

A sudden reduction in income in one month puts pressure on you and your resources, possibly making it difficult to meet routine payments to suppliers, employees and HM Revenue & Customs at a given point in time.

Mazars will offer a free initial call back to discuss your position and where appropriate offer a free consultation at one of their offices or on your site. If additional services are required Mazars will provide you with a competitive quote to provide those services.

Potential solutions

Cashflow forecasting and management, overhead reduction and restructuring techniques are all good ways to avoid or manage an unexpected lack of funds.

Our staff has experience of assisting pharmacies in many ways and could help you by:

  1. Advising sole traders and directors on their duties when their business is struggling financially
  1. Where issues are severe, our restructuring experts can advise on the possible rescue procedures available
  1. Providing a review of your business model, identifying any liquidity issues and possible solutions
  1. Ensuring your business is making the most of technology so that you spend less time managing the business and more time growing it
  1. Setting up a cloud technology solution such as Xero™ for your bookkeeping, or even completing the bookkeeping for you – we can do as much or as little as you require
  1. Preparing cash flow forecasts so you know what to expect and can make plans for any difficult times
  1. Helping you withdraw profits from the pharmacy in the most tax efficient method
  1. Creating a plan to improve profitability by reviewing and challenging processes, budgets and business plans
  1. Taking administrative burdens such as Auto-Enrolment and Statutory Company Secretarial duties away
  1. Providing advice to directors and business owners in relation to creditor management

To discuss your business needs further, please complete the form below and one of Mazars’ advisers will contact you.

For further advice, or to talk to our helpline contact NPA advice line on 01727 891800