Bookkeeping for Pharma Industry
Hire Remote Bookkeeper, Accountant, Tax return Preparer or Admin Person
Monthly Bookkeeping, Payroll, Financial Statements or Tax returns for Pharmaceutical and Drug Manufacturing industry
Business Tax return filing by Certified
CPA / Enrolled Agent
(Starts at $350)
QuickBooks And Xero Certified Experts
50% Reduction In Costs
Accounting and Bookkeeping for Pharma Industry.
In the pharmaceutical industry, costs attributed to manufacturing and items used for manufacturing are a major part of a company’s total expenses. Â
Accounting for the Pharma Industry is a specialist area that requires expertise and an understanding of the sector. Our services can help you keep track of the most important things that matter. For instance, you can make sure payroll, accounts payable, accounts receivable, and credit cards are all managed appropriately. Â
Pharma accounting requires specialized expertise and knowledge of the industry’s specific regulations and accounting practices. Professionals in this field must understand the financial challenges that pharmaceutical companies face, such as regulatory compliance, inventory management, tax compliance, and research and development costs. Â
Outsourcing accounting services to a specialized firm like Meru Accounting can help pharma companies streamline their financial processes, manage expenses effectively, and ensure compliance with regulations. Services such as payroll management, accounts payable and receivable, and credit card management can be handled efficiently, allowing companies to focus on their core business activities.Â
Why is bookkeeping required in the pharma industry?
- Regulatory compliance: The pharma industry is highly regulated, and bookkeeping is necessary to comply with various regulations, such as those related to drug manufacturing, clinical trials, and FDA approvals. Accurate bookkeeping ensures that the company can provide the necessary documentation in case of regulatory audits or inspections.
- Inventory management: The pharma industry involves the production and distribution of drugs, which requires accurate tracking of inventory. Bookkeeping helps to track inventory levels, including raw materials, work-in-progress, and finished goods, and provides valuable information on inventory costs and turnover.
- Financial management: Bookkeeping is essential for financial management in the pharma industry. It helps to track revenue, expenses, and profits, allowing businesses to make informed decisions about pricing, production volume, and profitability.
- Tax compliance: Bookkeeping is necessary for tax compliance in the pharma industry. It helps to track and report taxable income and expenses accurately, ensuring that the company pays the correct amount of taxes and avoids penalties for noncompliance.
- Performance measurement: Bookkeeping provides valuable information for performance measurement in the pharma industry. By analyzing financial data, businesses can identify areas where costs can be reduced, efficiency can be improved, or revenue can be increased.
- Research and development: Bookkeeping also plays a crucial role in the research and development process in the pharma industry. Accurate bookkeeping helps to track research and development costs, which are essential for tax credits and deductions, and helps businesses to allocate resources effectively.
Some services that can be provided by Meru accounting for the pharma industry:
- Batch costing for various items: Batch costing is an important tool for tracking the cost of production for a specific batch of items. It helps to identify the cost per unit of production, including material, labor, and other costs as applicable to the production, processing, manufacturing, or mining activities of the company.
- Accounting for patterns: When a pattern is purchased, the cost of the pattern needs to be amortized over its useful life. Therefore, evaluating the useful life of a pattern and the cost of a pattern are the key things that need to be considered. It requires expertise and an understanding of the sector so that the Pharma industry does not go at a loss.
- Management reports and KPIs : Meru Accounting can provide management reports and track key performance indicators (KPIs) for the pharma industry. These reports can help with decision-making and identify areas where improvements can be made.
- Per unit costing: Per unit costing is a method of calculating the cost of producing one unit of a product. We can help with this calculation to ensure that the per unit cost is accurate.
- Profitability per batch: Meru Accounting can help determine the profitability of a specific batch of production. This information can be used to make informed decisions about the production process. We can also help you judge what is profit per batch of production, which can help in decision-making.
- Standard costing of products: Standard costing is a method of calculating the cost of producing a product based on standard prices for material, labor, and overhead. We can help with this calculation to ensure that the cost of production is accurately reflected in financial statements. In our more top-to-bottom internet bookkeeping management, we give you the standard costing of the items being utilized amid assembling and in addition to the creation.
- Tracking profits via business units: Meru Accounting can help track profits for different business units within a pharma company. This information can be used to make informed decisions about the allocation of resources and the overall direction of the business.
What is accounting for abnormal costs?
Accounting for abnormal costs refers to the process of identifying and recording unusual or one-time costs that are not part of a company’s regular operations. Abnormal costs are often unexpected expenses that occur due to unforeseen events, such as natural disasters, litigation, or restructuring. Â
We need to carry abnormal costs to another accounting period. So, for this, we need to ensure that they are not taken into the value of the closing stock. Â
Our staff is particularly arranged and learned about this dynamic and continually evolving industry. We can also work with pharmaceutical customers that work at a medium, expansive, or independent company level. Regardless of whether you have to plan for tax returns, free your high-level employees of random bookkeeping duties, or find a money-saving solution for your business, we can help. Accounting for abnormal costs involves several steps, including:Â
- Identification: The first step in accounting for abnormal costs is to identify them. This may involve reviewing financial records, invoices, and other documentation to determine the nature and extent of the costs. Â
- Classification: Abnormal costs are typically classified separately from regular operating expenses on a company’s income statement. This allows for a clearer understanding of the company’s ongoing operations and profitability. Â
- Recording: Once abnormal costs have been identified and classified, they must be recorded in the company’s accounting system. This may involve creating a separate account for abnormal costs or recording them as a line item on the income statement. Â
- Analysis: After recording abnormal costs, it is essential to analyse their impact on the company’s financial performance. This can help management make informed decisions about future operations and identify areas where cost savings may be possible. Â
In Conclusion
Bookkeeping is essential for the success and growth of the pharmaceutical industry due to its crucial role in ensuring regulatory compliance, facilitating inventory management and tracking expenses related to drug manufacturing, clinical trials and FDA approvals. Â
Moreover, effective bookkeeping supports financial management, tax compliance and performance measurement which provide valuable insights for decision-making and resource allocation. Furthermore, when it comes to accounting methods, FIFO, LIFO, weighted average cost and specific identification are commonly used in the pharma industry. In addition, outsourcing accounting services to specialized firms like Meru Accounting can streamline financial processes letting pharma companies concentrate on their core activities.Â
Meru Accounting provides world-class services that cater to all the needs of cloud accounting and bookkeeping of your business.
We work on the best accounting software like Xero and Quickbooks, as well as add-ons that will make sure all your work is up-to-date.
Help you with switching from your traditional software to Xero and Quickbooks.
We also manage VAT, BAS, Sales Tax and Indirect taxes for you so you are always ready at the end of the financial year.
When you choose to outsource your accounting work with us, it benefits you in the following ways:
- 1. Cost-saving
- 2. Access to skilled and experienced professionals
- 3. Better management of books of accounts
- 4. Decreased chances of errors
- 5. Improve business efficiency
- 6. De-burdens in-office employee’s dependency
- 7. Better turnaround time
We work on virtual technologies like Team Viewer, Virtual Private Network (VPN) to share and access data from your system.
You have to share your accounting software login details.
Through that, we complete all of your work and update it on the cloud, so you can have access to your data from anywhere and at any time.
Software is not a barrier for us. Due to our strong and professional accounting knowledge, we can prepare your books in almost any of the accounting software.
Our experts are always all ears to listen to your queries regarding bookkeeping and accounting or our services. You can contact us anytime by visiting: Contact Us page.
We provide our bookkeeping services at the rate of US $10 per hour. So, you only need to pay for the amount of time actual work is done.
We take certain preventive measures to secure your data, like:
- Cyberoam Firewall to prevent any kind of foreign threat.
- Dual-step authentication
- Implement anti-virus
- Limit user access so that login details are with a few people.
Meru Accounting work on some of the best accounting software’s like:
- Xero
- Quickbooks
- Netsuite
- Saasu
- Wave
- Odoo
Along with that, we also work with many add-ons like Workflow Max, Receipt Bank, Slack, TradeGecko etc., to extend your software’s capacity and improved work experience.
To book for trial, call us on our numbers or Please fill out the form here.
We have combined team of Professionals. Seniors are generally Certified Chartered Accountants. Junior Bookkeepers are having Qualifications like Bachelors of Commerce, Masters of Commerce, Masters in Business Administration in the subject of Accounts and Finance, Intermediate level Qualification of Chartered Accountancy, etc.
For information visit our work methodology page.
We prepare a checklist of information required for bookkeeping and send you at timely intervals so as to ensure that we can do bookkeeping faster.
We can provide to you once we move ahead in our interview.
We serve clients on MYOB and have expertise working in Essentials, Account Rights Plus, etc.
Yes, We are presently processing Payroll for Number of clients in US , UK and Australia and take care of complete payroll activities.
Goods and Service tax (GST) is levied on sales of all the goods and services in Australia. GST is generally chargeable at 10% of value of sales.
Business Activity Statement is a predefined form to be submitted to the Australian Tax office by all the business persons in order to report on their all the tax obligations during the period covered.
BAS is generally required to be filed quarterly by various businesses.
Yes, Owner of the business can prepare sign and lodge the tax return on his own. Its not mandatory that the Tax return needs to be signed by an EA or CPA.
No , its not mandatory that it should be prepared by only CPA or EA. It can be prepared by anyone who has PTIN.
We have Enrolled Agent who has the Authority to sign the documents for our clients after completing the through professional check.
Meru Accounting has its operational centre in India and hence the prices are quite less as compared to US based CPA’s and Enrolled Agents.
Meru Accounting has a team of Tax experts. Each Tax expert prepares around 300-400 Tax returns every year for various CPA’s in United States and Individual Businesses like yours. Due to this vast Experience and Robust Quality Check processes in place we can ensure you about correct Tax planning for your firm.
