Pharmacy Accountancy


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News & Articles


A Festive Tax Break
As Christmas approaches thoughts turns to office parties. So what view does the tax man take when an employer arranges a Christmas party for their staff?
Self Assessment Penalties
The self-assessment system was introduced in 1996 and at present HM Revenue & Customs require about 10 million individuals to file returns each year.
Should I Incorporate?
This is a question we are frequently asked by locums. The answer is “it all depends”.
The 1000% Tax Trap - And How To Avoid It
Imagine getting a pay rise of £1,000 per annum and then finding your tax liability increasing by £1,055, that’s over 100% tax. Now imagine your pay rise is just £100 but your extra tax liability is still £1,055. That’s a tax rate of over 1000%!
Pharmacy Locum Tax Planning
At what point should a sole trader pharmacy locum consider operating via a limited company? The answer to this depends on a number of factors, which are specific to the individual.
2010/2011 Tax Year End Planning
February is a good time for individuals to have a think if there are any simple steps they can take to minimise their tax liabilities.
New Pension Regime - Government Announcement 9th December 2010
We detailed the key points arising from the Government's announcement on 9th December 2010 regarding the future direction of pension provision in the UK.

 

 

Advantages of Point of Sale Systems

Efficiency translates to profit. That is why businesses such as pharmacies, department stores, and shopping centres continually implement the usage of modern gadgets and systems to ensure efficiency. One of these implementations is the replacement of mechanical and electronic cash registers with point of sale systems, or POS.

POS systems work like your normal cashier machine; however, they can do a lot more. For example, they can scan barcodes for each item a customer buys, retrieve the price from a computer database, and, when sold, subtract that item from an inventory. POS systems also calculate sales and value added tax, compute differential rates for preferred customers, date- and time-stamp the transaction, keep totals of products sold, produce sales reports, and print vouchers and receipts. In addition, POS terminals also identify cashiers assigned to a particular terminal and carry information about new promotions or offers. In other words, POS systems allow cashiers to become more autonomous than ever.

These POS devices are actually individual computers themselves and are based on DOS, Windows, or Unix operating systems. Some are operated by electronic keys while advanced ones have touch screens. Furthermore, POS terminals can be accessed from another computer so that remote information, record transfer, or troubleshooting may be accomplished.

Starting a few years after 2000, web-based POS software was integrated in many existing POS systems. This software can be run in any Internet-connected computer and can operate without any manual updates or additional software installations. The software is hosted in secure servers with real-time backups. Another advantage is that web-based POS systems are reliable and low-cost, making them ideal options for small- to medium-sized businesses and retailers.

So if your pharmacy or retail store does not have a POS system, you need to have one now.