You should aim for your stock turnover ratio to be 10 times or more. A healthy pharmacy will turn over its stock in 35 days or less.

Stock Turnover Ratio = Annualised Cost of Goods ÷ Total Stock.

Stock Turn Days = 365 ÷ Stock Turnover.

Effective pharmacy accounting entails keeping your records up to date, ensuring their integrity, and ensuring that financial processes run smoothly. In today’s complex pharmacy environment this enables you to focus on tax planning options, the effective management of your business, reducing unnecessary everyday processes, improving controls and proactively seeking expansion opportunities.

All Pharmacy Records, Prescription Lists, Pharmacy Scripts, Pharmacy Inventory, and other pharmacy assets, supplies, and equipment situated at or associated to any Store Property are considered Pharmacy Assets.

From a financial standpoint, effective stock management boosts gross and net profits by lowering the cost of pharmaceutical products purchased and associated operational costs. Reducing stock holdings will help to improve cash flow.

Pharmacies count stock at least once a year at their financial year end. This should occur more regularly if a pharmacy is preparing interim management accounts. Stock takes are generally carried out by a 3rd party pharmacy sector stock counting specialist.

Pharmacy stock consists of prescription medicinal products, over-the-counter medicines, vitamins & minerals, healthcare and beauty products. Individual pharmacies may carry additional inventory lines.

It costs between €250,000 and €600,000 to open a new pharmacy. Capital will be required for unit fit-out, initial stock, working capital and professional fees pertaining to the lease etc.

Either by purchasing an existing business or by establishing a new pharmacy in a vacant retail unit. Strong adjacencies (particularly GP surgeries and parking) are important.

General FAQ’s

At Fitzgerald Power, we provide tailored solutions to cater to your unique business needs, whether you’re an established SME or a scaling enterprise. From Outsourced CFO services to bookkeeping, payroll, monthly Management Information (MI) packs and tax and statutory compliance, our services are designed to drive your financial success. Our services will empower businesses with the flexibility, expertise, and efficiency required for effective financial operations, enabling a dedicated focus on achieving strategic objectives and fostering growth.

Our team of experienced professionals specialises in Irish tax regulations. We work closely with clients to optimise their tax strategies, ensure compliance, and minimise tax liabilities while maximising available deductions and credits.

Yes, we have extensive experience working with start-ups and small businesses across various industries in Ireland. We understand the unique challenges and opportunities that SME’s face and tailor our services accordingly. Your ambition is our inspiration.

Our commitment to personalised service, industry-specific expertise, and a proactive approach to financial management distinguishes us. We are dedicated to helping thrive and succeed.

Absolutely. We help scaling and established companies develop accurate financial forecasts and budgets to make informed decisions, manage cash flow, and achieve long-term financial stability.

We offer cash flow analysis, strategies for improving working capital, and advice on managing receivables and payables efficiently, all aimed at enhancing cash flow for your business.

Ireland’s tax landscape is complex. We can guide you through critical tax considerations, such as income tax, corporation tax, VAT, and more, ensuring compliance and minimising tax burdens.

Yes, we provide comprehensive payroll services, including payroll processing, compliance, and employee-related tax matters, to help you manage your workforce efficiently.

Certainly. We offer support in company incorporation, registration, and regulatory compliance, ensuring your business starts on a strong foundation.

Our team actively monitors changes in accounting and tax regulations, participates in professional development, and leverages industry-specific knowledge to keep our clients informed and compliant.

We have experience working with SMEs in various industries, including pharmacy, retail, hospitality, tech, manufacturing, and professional services, among others.

We take a personalised approach, tailoring our services to match the specific needs, goals, and challenges of each client we serve.

Yes, we can assist you in identifying funding sources, grants, and incentives that can benefit your SME, helping you access the financial support you need.

We provide guidance and support to help SMEs prepare for audits, ensuring their financial records are accurate, organised, and compliant with regulations.

Yes of course! Our suite of tailored solutions caters to your unique business needs, whether you’re an established SME or a scaling enterprise. Our award-winning bookkeeping team ensure accurate and up-to-date financial records, which are essential for making informed decisions and meeting compliance requirements.

Yes, we provide strategic advisory services to help SMEs develop growth plans, explore expansion opportunities, and achieve their business objectives.

To engage our services, simply reach out to us here. We’ll schedule an initial consultation to discuss your needs and determine the best way to support your business.

Absolutely. We help SMEs with VAT registration, compliance, and reporting, ensuring adherence to Ireland’s VAT regulations.

We use state-of-the-art accounting software and tools to streamline financial management processes, ensuring accuracy and efficiency in our services.

At Fitzgerald Power, we prioritise the security and confidentiality of client data. We have robust data protection measures in place and adhere to all relevant privacy regulations to safeguard your information.

For 2020 no taxable benefit arises where an employee is provided with an electric in either of the following circumstances: (1) where the original market value of the car does not exceed €50,000 or (2) where the car was first provided to the employee in the period 10 October 2017 to 9 October 2018.

Where the car was first provided to the employee after 9 October 2018 and the original market value of the car exceeds €50,000, the original market value of the car is reduced by €50,000 in calculating the taxable benefit.

In addition, no taxable benefit arises where an employer provides facilities for the charging of vehicles in its business premises provided all employees can avail of the facilities.

To continue the incentivisation of EV’s, a temporary suspension of the tapering of the preferential benefit-in-kind relief has been put in place, maintaining the existing €35,000 original market value reduction for 2024 and 2025.

It’s necessary to apply for an EORI number through the EORI online registration service.  If you have previously been registered for Customs and Excise (C&E), you may already have been allocated an EORI number and you should check the following weblink to ascertain if you already have an EORI number. Your EORI number will generally be “IE” followed by your VAT Registration number.

Once incorporated, it will typically take a couple of days to register a company for PAYE and CT. Registration for VAT will often take longer and depending on complexity of the situation registration can take one to three weeks and in some cases longer.

A company in Ireland requires a minimum of one director and one company secretary, so each company requires a minimum of two officers.

Where all a company’s officers are outside the EEA, it will have to establish with Revenue and the CRO that the company has a real and continuous link with the State. This can be established by displaying that either the company has a person working from a location in Ireland managing the business or that it carries on trade in the State.

The on-boarding process is very straightforward. The first step is for you to inform your current accountant of the change. We will then write to your current accountant requesting professional clearance and the financial information we require to commence the engagement. Finally we register as your filing agent with Revenue and the CRO.

In general you must retain all books, records and documents relevant to your business for a period of six years.