How Trinity Accounting Practice Supports Pharmacies: Bookkeeping, Taxation & Financial Strategy for Long-Term Success

IntroductionRunning a pharmacy business in Australia means managing tight margins, complex supplier arrangements, changing PBS policies, and a highly regulated environment. Whether you own a single pharmacy or operate multiple locations, Trinity Accounting Practice understands your challenges. With deep experience in pharmacy finance, taxation, and business operations, our team delivers tailored support to help pharmacies thrive.

Led by experienced accountant and business operator Ramy Hanna, Trinity Accounting Practice provides end-to-end financial services for pharmacies—including bookkeeping, tax compliance, payroll, business structuring, and strategic advice.

1. Understanding the Pharmacy Business Landscape

Pharmacies operate at the intersection of healthcare and retail, which presents a unique mix of operational and financial demands:

• Pharmaceutical Benefits Scheme (PBS) reconciliation
• Private and over-the-counter sales
• Stock management and expiry tracking
• Supplier discounts, rebates, and wholesaler accounts
• Tight cash flow cycles

We work with pharmacists who want more than a tax agent—we offer guidance to help you understand and control your business performance.

2. Specialised Bookkeeping for Pharmacies

Accurate and timely bookkeeping is the foundation for pharmacy success. Trinity Accounting Practice offers pharmacy-specific solutions:

• Daily transaction recording including PBS, OTC, and third-party revenue streams
• Stock and cost of goods sold (COGS) reconciliation
• Automated bank feeds and bank reconciliation
• Accounts payable/receivable tracking
• POS integration (e.g., Minfos, Fred, Sigma)
• Expense categorisation for benchmarking

We work with tools like Xero and MYOB to deliver efficient, cloud-based bookkeeping that aligns with your pharmacy systems.

3. Payroll & HR Compliance in Pharmacies

Payroll in the pharmacy industry includes:

• Pharmacists under the Pharmacy Industry Award
• Pharmacy assistants, casual staff, and interns
• Weekend and public holiday penalty rates

Our payroll services ensure you remain compliant and efficient:

• Award interpretation and accurate pay runs
• Superannuation tracking and compliance
• Roster integration with payroll software
• Single Touch Payroll (STP) lodgements
• Leave, allowances, and staff onboarding

We make sure your payroll system matches Fair Work requirements and simplifies internal HR processes.

4. Taxation for Pharmacy Owners

We help pharmacy businesses navigate tax obligations and implement tax-efficient strategies:

• BAS and IAS lodgement
• Tax planning to reduce liabilities legally
• GST compliance on retail and professional services
• Capital Gains Tax (CGT) on pharmacy sales or restructuring
• Claiming deductions for rent, staff training, equipment, and motor vehicles
• Managing trust and company structures

Trinity ensures you meet all ATO obligations while maximising your pharmacy’s tax position.

5. Business Structuring & Asset Protection

Choosing the right structure is critical for tax, liability, and succession planning:

• Pharmacy ownership under trusts, companies, or partnerships
• Restructuring for incoming/outgoing partners
• Minimising tax while protecting personal assets
• Family trust and dividend strategy for long-term wealth

We advise on setups that align with the Pharmacy Location Rules and meet Pharmacy Board of Australia regulations.

6. Budgeting, Forecasting & Financial Reporting

With changing health policies and cost pressures, pharmacies need real-time data and proactive planning. We provide:

• Annual and quarterly budgeting
• Cash flow forecasts and profit planning
• Benchmarking against pharmacy KPIs
• Gross profit margin tracking and cost control
• Custom monthly or quarterly reports

Our goal is to help you identify where you’re doing well and where you can improve.

7. PBS Reconciliation & Reporting

PBS revenue is often a major part of a pharmacy's income. Errors in reconciliation can lead to missed revenue or compliance risk. Trinity supports:

• PBS payment tracking and monthly reconciliation
• Matching PBS claims with software (Minfos, Fred, etc.)
• Variance analysis and reporting for audit trails

This ensures your PBS claims are accurate, compliant, and reflective of your business reality.

8. Business Growth & Expansion Support

Looking to acquire a second pharmacy or expand services? Trinity helps with:

• Business valuations and feasibility studies
• Due diligence for acquisitions
• Loan application financial modelling
• Forecasting for new locations or service expansions (e.g., vaccination, beauty, or compounding)
• Franchise or group structuring

We help pharmacy owners grow wisely and profitably.

9. Virtual CFO Services for Pharmacies

Need ongoing strategic financial advice but can’t justify a full-time CFO? Our Virtual CFO services include:

• Monthly management reports and analysis
• KPI monitoring (e.g., wages-to-turnover ratio)
• Cash flow health checks
• Support for owners and managers on financial decisions
• Liaison with banks, suppliers, and advisors

You gain clarity, control, and peace of mind with our high-level advisory support.

10. Case Studies and Testimonials

Case Study: Suburban Pharmacy, NSW
After onboarding Trinity, the pharmacy reduced tax liabilities by over $30,000, improved payroll compliance, and created a roadmap to open a second location.

Client Testimonial
"Ramy Hanna understood our pharmacy from day one. The advice was practical, timely, and saved us time and money. The PBS reconciliation support alone made a huge difference."

11. Why Choose Trinity Accounting Practice?

• Over 20 years of experience, including pharmacy operations
• Xero and MYOB certified partners
• Pharmacy-specific knowledge of tax, PBS, payroll, and structuring
• Based at 159 Stoney Creek Road Beverly Hills NSW 2209
• After-hours and weekend appointments available

12. Get in Touch

Whether you’re looking to improve profitability, stay compliant, or expand your pharmacy business, Trinity Accounting Practice is your trusted financial partner.

📌 Book a consultation: https://calendly.com/ramy-hanna
📞 Call us: 02 9543 6804
📍 Address: 159 Stoney Creek Road Beverly Hills NSW 2209
🌐 Website: www.trinitygroup.com.au

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