pharmacy services

DFK Hirn Newey Pty Ltd specialises in retail pharmacies and has vast experience in the pharmacy industry. We can provide reliable advice essential in ensuring that our clients’ pharmacies run efficiently and achieve their maximum potential.

Over the past 15 years, DFK Hirn Newey has provided accountancy services to numerous pharmacy clients and developed industry specific knowledge through practical experience in attending to the needs of pharmacists. Besides providing the normal services of accounting, audit and taxation compliance, we specialise in all aspects of pharmacy, including admissions and retirement of partners, acquisitions and disposals of pharmacies, valuations and due diligence analysis & reporting.

Our services to the pharmacy industry include:

  • Preparation of annual financial statements and income tax returns;
  • Preparation of financial statements on either a monthly, quarterly or interim basis;
  • Preparation and lodgement of monthly business activity statements;
  • Preparation of cash-flow forecasts (one year to 10 years);
  • Preparation of budgets;
  • Preparation of valuations for pharmacy purchase or sale and partner admissions or departures;
  • Evaluations and advice to clients wishing to acquire a pharmacy;
  • Advice in relation to appropriate business structures;
  • Other management consulting.

DFK Hirn Newey’s skills and experience in pharmacy services have been recognised by our appointment to the pharmacy valuation panels of the Bank of Queensland, the National Australia Bank, ANZ Bank and BankWest. Other accounting firms have also used DFK Hirn Newey’s expertise, to perform pharmacy valuations for their clients in situations where an independent accountant has been required.

Each of DFK Hirn Newey’s three partners has personal experience assisting clients with pharmacy services, some of which includes:

  • detailed knowledge of the accounting and legislative obligations of pharmacists;
  • practical experience in the establishment of pharmacy dispensing systems, point of sale and other computer systems operating in pharmacies;
  • vast experience and knowledge of medication and domiciliary reviews and the peculiarities of servicing the aged care industry;
  • analysing pharmacy performance for valuation, sale, purchase and partner admission purposes;
  • preparation of detailed cash flow forecasts for ascertaining the affordability of buying a pharmacy.
  • payroll, computerised monthly accounting and GST reporting, management advices and taxation consulting;
  • assisting pharmacists in analysing the viability of prospective pharmacies of all sizes; and
  • KPI analysis, tax planning and assistance with accounting software.