Here are the essential reports for pharmacies and how to leverage them for data-driven business decisions:
From an Accounting Perspective
VAT Reports
Summary:
VAT reports are crucial for any pharmacy's financial management. These reports provide a comprehensive summary of purchase orders, vendor bills, supplier returns, and point of sale (POS) transactions, all with their respective VAT values. They help pharmacies keep track of their VAT obligations and ensure compliance with tax regulations. By analyzing these reports, pharmacies can identify trends in purchases and sales, optimize inventory levels, and make informed decisions to enhance financial health.
Purpose:
-Summarizes purchase orders, vendor bills, supplier returns, and point of sale (POS) transactions with VAT values.
-Monitor compliance to avoid tax penalties.
-Track VAT-related discrepancies in a timely manner for better budget management.
Benefits:
-Tracks VAT obligations.
-Ensures compliance with tax regulations.
-Identifies purchasing trends.
-Optimizes inventory levels.
From an Inventory or Warehouse Manager Perspective
Stock Valuation
Summary:
Understanding the value of stock at various points in time is essential for effective inventory management. The stock valuation reports show the cost and quantity of products by batch and branch, allowing pharmacies to monitor stock levels accurately. These reports highlight the stock value by product on a selected date and the stock quantity on hand, helping pharmacies to manage their inventory more efficiently. By using these reports, pharmacies can reduce overstocking, minimize stockouts, and ensure they have the right products available when needed.
Purpose:
-Assess stock value on specific dates for financial reporting.
-Identify high-value stock products to prioritize in sales strategies.
-Compare stock levels across branches for balanced inventory distribution.
Benefits:
-Manages inventory efficiently to reduce overstocking and stockouts.
-Ensures availability of the right products.
Expiry Report
Summary:
Expiry reports are vital for ensuring that pharmacies do not sell expired products, which can lead to customer dissatisfaction and regulatory issues. These reports list all products that will expire by a selected date, enabling pharmacies to manage their stock proactively. By regularly reviewing expiry reports, pharmacies can implement strategies to sell products before they expire, such as offering discounts or promotions, thus minimizing financial losses.
Purpose:
-Implement sales strategies for near-expiry products (ex. discounts).
-Adjust purchasing cycles and reduce waste based on near-expiry products.
-Coordinate with suppliers for possible returns or exchanges.
Benefits:
-Prevents the sale of expired products.
-Manages stock proactively to minimize financial losses.
-Enhances customer satisfaction and compliance with regulations.
Non-Moving Products
Summary:
The non-moving products report identifies products that have not been sold, transferred, or returned over a specific period. This report is invaluable for inventory optimization, as it helps pharmacies identify slow-moving or obsolete stock. By analyzing this report, pharmacies can take corrective actions such as returning unsold products to suppliers, offering discounts, or discontinuing products that do not sell well.
Purpose:
-Classify products moving speed based on seasonality and offers.
-Return unsold products to suppliers when possible.
-Discontinue low-demand products to streamline inventory.
Benefits:
-Optimizes inventory by highlighting slow-moving or obsolete stock.
-Reduces carrying costs and increase cash flow.
-Improves stock turnover rates.
From a Purchasing Manager’s Perspective
Purchases and Tracking Receipts
Summary:
Detailed reports on purchases and their associated receipts help pharmacies manage their procurement processes effectively. These reports provide comprehensive information about purchase receipts, enabling pharmacies to track their spending, verify deliveries, and manage supplier relationships. By keeping a close eye on purchase receipts, pharmacies can ensure accurate accounting and maintain good supplier partnerships.
Purpose:
-Ensure accurate accounting of purchases and inventory received.
-Analyze purchasing patterns to negotiate better terms with suppliers.
-Track receipt discrepancies to resolve issues promptly.
Benefits:
-Manages procurement processes effectively.
-Tracks spending and verifies deliveries accurately.
-Maintains good supplier relationships.
From a Branch or Pharmacists Perspective
Sales by Cashier and their Commission
Summary:
Tracking sales by individual pharmacists and cashiers, along with their commissions, is essential for performance management. These reports provide detailed information about POS sales and the corresponding commissions earned by pharmacists. Pharmacies can use this data to reward high-performing staff, identify areas for improvement, and ensure fair compensation practices. This, in turn, can boost staff morale and productivity.
Purpose:
-Review individual performance to provide targeted feedback and training.
-Adjust commission structures to motivate staff.
-Recognize and reward top performers to boost morale.
Benefits:
-Manages staff performance and rewards high-performing employees.
-Identifies areas for improvement.
-Ensures fair compensation practices.
Lost Sales
Summary:
Lost sales reports are crucial for understanding missed sales opportunities. They detail products that were not sold due to stockouts or unavailability. By analyzing these reports, pharmacies can identify patterns in demand, adjust their inventory levels, and prevent future lost sales. This proactive approach can enhance customer satisfaction and increase sales revenue.
Purpose:
-Analyze demand patterns to prevent future stockouts.
-Adjust ordering schedules to align with customer demand.
-Coordinate with suppliers for quicker restocking.
Benefits:
-Understands and addresses missed sales opportunities.
-Adjusts inventory levels to meet demand.
-Enhances customer satisfaction and sales revenue.
POS Sales Profit
Summary:
The POS sales profit report provides a detailed analysis of sales orders, including VAT values and profit margins. This report is essential for understanding the profitability of different products and sales transactions. By reviewing this report, pharmacies can identify high-margin products, adjust pricing strategies, and improve overall profitability. Segmenting sales data by category and branch helps pharmacies understand which product categories perform best in different locations. This report provides insights into sales trends, enabling pharmacies to tailor their inventory and marketing strategies to meet local demand. By focusing on high-performing categories, pharmacies can boost sales and improve customer satisfaction.
Purpose:
-Identify high-margin products to prioritize in sales strategies.
-Review sales data by category and branch for localized insights.
-Tailor inventory and marketing strategies to high-performing categories.
Benefits:
-Understands the profitability of different products and sales transactions.
-Adjusts pricing strategies.
-Improves overall profitability.
Summary Table
Conclusion
In conclusion, leveraging these top reports can significantly enhance decision-making for pharmacies. From managing VAT and inventory to tracking sales performance and understanding customer demand, these reports provide invaluable insights that drive better business outcomes. Juleb offers over 100 reports covering various categories such as accounting, compliance, inventory, claims, POS, product, purchasing, receipts, and transfers, all tailored to meet the diverse needs of pharmacies. By utilizing these comprehensive reports, pharmacies can optimize their operations, improve financial performance, and deliver better service to their customers.
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