Technology in Pharmacy Business with Scott Carpenter

Technology and Financial Business Coaching

April 16, 2021

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On this episode of the Pharmacy View podcast, our guest is Daniel Riley, director at Suntax. He is passionate about developing and using accounting tools that can help speed up cash flow to small businesses and keep them running including Pharmacies.

Daniel is an accountant by trade, but he joined Suntax to help make the accounting process easier for small businesses. Part of this comes from the Xero platform, which he recommends to all small businesses and startups looking for a workhorse accounting solution. Another major part comes from the desire to use cloud computing technology to help businesses deliver and analyze their data much faster. He talks about how traditional accounting platforms create a lag in data delivery times upwards of eight weeks—a problem that cloud accounting fixes. The logic is that the longer a business needs to wait, the older the data is, and it is very difficult to make meaningful business decisions with old data.

Daniel also believes in automating as much as possible. Businesses will see their efficiencies soar the more processes are automated. He recommends some specific solutions toward that end, like using DocuSign to help speed up the paperwork process, as it eliminates any need to travel or post paperwork.

Toward the end, Daniel shares some key insights on how small businesses can check their financial pulse. Obviously keeping track of expenses is a must, but Daniel says that a great indicator is in the strength of your balance sheet. The stronger, the better. And if you can, try to keep cash tucked away for when times get difficult, because they almost assuredly will.

Daniel suggests meeting with an accountant before the end of the financial year to get a sense of your financial health and make the most from any tax incentives lingering from COVID-19.

Topics Covered:

The benefits of the Xero platform.
Embracing cloud technology to deliver data faster.
DocuSign is transforming remote accounting.
Automating as much as possible leads to huge efficiency gains.
Various payroll systems solutions.
Some advice about corporate financial health and cash flow.
Why cash coming into a business takes a while.

Key Quotes (Time Stamps):

“When you’re trying to run a business, it’s very hard to make decisions when you’ve got data that’s six weeks old.” (5:30)
“The more accurate and the less transactions are that are outstanding, it means that the data you’ve got there is quite robust, and you can make some really good decisions from.” (8:00)
“Being in accounting, it feels more like we’re in a tech company than an accounting company these days.” (10:30)
“When you’re looking at the financial health of your business, you really need to keep a close eye on the strength of your balance sheet…really make sure you’ve got cash put away to ward off those dark days.” (15:45)
“Cashflow is the lifeblood of small business.” (18:45)
“If you haven’t got a pre-booked appointment with your accountant, it’s probably a good idea to get one before the end of this financial year. (21:00)

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