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Your EOFY toolkit

Here are 4 power boosters to help your pharmacy sprint through the end of the financial year period.

 

 

 

 

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Tips for managing high-cost retail products

High-cost retail items can negatively impact your pharmacy’s financial position. However, with this simple guide, you can create a systematic inventory control process for your high-cost retail products.

 

Audit your high cost retail items

The first part of the process to uncover how you can better manage high-cost retail products is to conduct an audit of your existing inventory of these products. To help your conduct your audit and to understand the current stock and sales position of these products, here is a list of activities we recommend you undertake:

 

1. List

Review the notes from your last audit and then get a current list of all your stocked high-cost retail products. In Minfos, we offer a High Cost Items Report to help you quickly identify these items.

 

2. Stocktake

Conduct a stocktake. Minfos offers a stocktaking mobile app (Minfos App) to help you easily carry out this task. Here is a guide to help you get started.

 

The stocktake should help you answer two questions:

  • How much stock on hand do you have?
  • How long have you had this stock at hand?
  • Are any of these retail products short dated?

 

3. Location

Take a look your product’s position, display, location and other merchandising elements. Are these retail products:

  • Easily visible?
  • With their complementary products?
  • Labelled correctly?

 

4. Profitability

Measure the product’s sales performance. There are numerous ways to measure a product’s profitability, start by answering the following questions about each of these products:

  • How long will it take for you to sell the stock you have on hand?
  • Do you need to revise your ordering strategy for these products?
  • Would you classify any of these as dead stock or slow movers?
  • Does the season affect the sales of any of these products?
  • What is the gross profit margin for these products?
  • Which of these products are your best and worst performers?
  • Are the products priced attractively?

 

Action plan

Once you’ve conducted your audit and answered the questions above, the next step is to create an action plan to address the issues you have uncovered. Ensure you include a plan for:

  • Finding tools that can help you manage this ongoing process.
  • Scheduling ongoing auditing activities.

 

5. Process efficiency

Find ways to help you efficiently manage and save time.

 

Use tools from your POS software to help you keep an eye on your high-cost retail items. For example:

  • Allocate high-cost retail items into a category – this helps you with your ongoing audit process.
  • Automatically generate orders – use order templates to create orders based on sales history, stock on hand and more, you can review the order by highest to lowest unit cost before placing the order.
  • When you receive multiple totes from Symbion, you can use the Minfos SSCC barcode tool to find high cost retail items quickly and sort the order by cost to easily mark off the stock.

 

6. Regularly review

To keep on top of your high-cost retail inventory, regularly review the stock on hand and sales. In Minfos, schedule the following into Minfos Calendar for a timely reminder.

 

Don’t forget to setup an ongoing reminder:

  • To review the high-cost retail product report.
  • To stocktake these costly retail products.

 

We hope this guide has given you some ideas on how you can better manage your inventory for your high-cost retail items.

 

Looking to effectively manage your inventory? Minfos software enables you to manage every aspect of your pharmacy – from dispense to retail. Let us show you a demo.

 

All advice provided is general in nature and is not intended as legal advice.

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Simplify tax time with Minfos

Organising your pharmacy's tax return does not need to be a difficult task, with a bit of planning and the right tools, tax time can be a breeze.

 

Here are our top five tips to help you sail through tax time this year.

 

Preparation is key

Like most things in business, one of the keys to success is proper planning.

 

Key dates to be aware of include:

  • Financial year: 1st July – 30th June
  • End of Financial year: 30th June
  • Tax Season: 1st July – 31st October

 

Pro tip: The Minfos Accounting Module includes all your transactions (customer and supplier) making it easy for you to meet your tax obligations. It also integrates with 3rd party accounting platforms such as Xero or MYOB via a third-party connector. To find out more about our Accounting Module, talk to our Account Managers today.

 

1. Know your obligations

It is worthwhile to meet with your accountant or bookkeeper to understand what documents are required from you to meet your tax obligations.

 

Pro tip: You can use our practical guides, which walk you through the best practice and key reports that you will need to help you prepare for the end of the financial year.

 

2. Conduct a stocktake

As an inventory-based business, you will need to conduct a stocktake before the end of the year.

To help assist you with your pharmacy’s stocktaking process, be sure to check out 6 tips for an easier EOFY stocktake.

 

3. Prepare your financial statements

There are several financial reports you will need to submit to your Accountant for them to be able to prepare your Financial Statements. You can use the Minfos Accounting Module to help you compile the following information:

  • Trial balance – this is used to determine the closing balance of each General Ledger Chart of Accounts. 
  • Profit and loss statement – this ascertains the gross profit and net profit after all the operating expenses and income for the financial year are considered. This will depend on many factors such as:
    • How you choose to operate your business
    • Track sales
    • Order stock

      For example, do you average your COGS on ordered lines or run a FIFO policy?

  • Balance sheet report – this will provide the financial position of assets and liabilities for the business as of 30th June
  • GST Audit report for ‘Supplies’ – this discloses the GST payable for all the stocked items and also the Total Income to be disclosed in the Balance Sheet.
  • GST Audit report for ‘Acquisitions’ – this provides the details for GST input tax credit.
  • GST BAS Report – this is required for all quarters or months for the financial year (depending upon the frequency of the GST BAS Report).

 

Pharmacies using Minfos Accounting Module

If you are already using the Minfos Accounting Module, make sure you:

  • Reconcile the Debtors and Creditors at year’s end.
  • Run a Debtors and Creditors report on the 30th June and these must match the Trade Debtors/Creditors in the Trial Balance.
  • Reconcile Bank Transactions in Minfos Cash Manager for the financial year and finalise for 30th June.
  • Conduct stocktake and run a stock-on-hand report as of 30th This must be generated to ascertain the Closing Stock-on-Hand as of 30th June and must have been reconciled against the purchases and sales for the year.

 

Pro tip: While the financial year concludes on 30th June, most businesses will have until at least the end of October to submit their documentation to the tax office. There may be a range of other reports you will be required to run for your business, check with your Accountant to determine what your tax obligations are. 

 

Support yourself with the right tools

4. Reduce manual tasks

The less hands-on input required ahead of tax time, the better. While being adequately prepared is a big part of this, so too is having the right tools at your disposal. Minfos is built on accounting principles. This means all your important financial data is properly structured in our software and can be easily synchronised with your accounting platform of choice (e.g. Xero, MYOB). That is, all customer transactions and supplier payments managed using Minfos flow directly into the Minfos Accounting Module. This helps to save time as the financial data can be easily exported without the need for manual reconciliation.

 

5. Review and plan ahead

Once you have all your accounts for the year complete and settled, it’s worth reviewing the year’s performance and planning for your year ahead. It may be a good idea to engage the services of a business advisor or accountant who can work with you. Minfos Cash Manager, Payables and Receivables helps provide a quick and easy view of your pharmacy’s cash position, enabling you to plan ahead.

 

Looking to effectively manage your accounting? Minfos software enables you to manage every aspect of your pharmacy – from dispense to retail. Let us show you a demo.

 

All advice provided is general in nature and is not intended as legal advice.

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5 strategies to eliminate dead stock in your pharmacy

There could be a variety of reasons why you have dead or slow moving stock in your pharmacy. Whatever the reason, you know that it is bad for business. It doesn’t just eat up your storage and shelf space, it eats into your profit too. However, with the power of Minfos at your fingertips, you have all the tools you need to help.

 

Identify dead stock and slow movers

The first step is to identify any dead stock and slow movers in your pharmacy.

 

In Minfos, you can quickly run these two reports to help you identify these problem products:

  • Dead Stock Report lists products that haven’t been sold over a timeframe specified by you (e.g. 1 year).
  • Worst Sellers Report lists your slow moving items and helps identify underperforming products.

 

Now you have a list of dead stock and slow movers, let’s take a look at 5 strategies you can quickly implement to help you get rid of these problem products.

 

1. Strategic positioning

Location could be the problem.

 

Consider relocating the slow moving items to a more visible area:

  • To front of store, by tills or other high traffic area and use bright signage to attract attention.
  • Move items closer to complementary products. Buyers often choose items that go together.

 

2. Leverage your staff

Get your staff involved.

 

This is key to helping you move slow moving products:

  • Provide training (if that is the problem).
  • Offer staff incentives to sell (e.g. cash, voucher, etc).

 

3. Discounts

Try incremental discounting or product promotions.

 

In Minfos, you can gradually apply a discount to a slow mover – try 5% to start and then you can increase to 8% or even 10% as you see fit.

 

4. Bundled products

If discounts don’t work, consider that the product may not sell on its own. Offer discounted bundles to make the slow moving products more attractive.

 

Here are 4 bundle ideas:

  • Same slow combo: Offer two or more of the same slow mover.
  • Mix of slow product combo: Combine different slow movers together.
  • Fast seller combo: Pair slow mover(s) with a fast selling item.
  • High margin combo: Pair slow moving product(s) with a high margin item.
  • Related combo: Pair a slow mover with a complimentary product.

 

Bargain hunters are more inclined to make the purchase when they think they are getting a good deal. As for you, this is a great way to sell multiple products in a single sale and still maintain your profit margin.

 

Pro tip: Don’t forget to drop a pop-up note at the Till to remind your Sales Clerk to share the promotion with the customer as they are ringing up the sale.

 

5. Last resort

If it just won’t sell, give it away. Turn the dead stock into a brand and relationship building opportunity.

 

Here are four ideas:

  • Deal: Set a spend amount (e.g. $50) and give away the slow mover (individually or in a pack) for free
  • Gift: At the end of a sale, delight your customer by giving the slower mover for free
  • Reward: At the end of the sale, give the slow mover to your loyalty customers
  • Loyalty: Offer the slow mover as a freebie for new loyalty sign-ups

Pro tip: Make sure you have a sign outside your pharmacy, promoting your freebie.

 

Wrap up

A part of your product assessment should be to honestly assess the performance of each of your lines. Slow lines that are difficult to sell should perhaps be removed from your future orders and replaced with better suited items. To assist you in this decision-making process, use Minfos Order Generation to prevent over ordering of slow movers or dead stock in the future.

 

Looking to effectively manage your inventory? Minfos software enables you to manage every aspect of your pharmacy – from dispense to retail. Let us show you a demo.

 

All advice provided is general in nature and is not intended as legal advice.

 

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6 tips for an easier EOFY stocktake

As the end of the financial year approaches, your pharmacy will need to carry out a stocktake. Use these 6 tips to help to make your stocktake simpler and more efficient.

 

Before you start

Create a plan to manage the stocktake. This helps minimise disruptions to your pharmacy’s operations and maximise the efficiency of the stocktake process. Consider the following:

 

1. Pick a date and time

Stocktaking after hours helps reduce disruptions due to stock deliveries and sales. Use the Minfos Calendar to communicate the date and time for the stocktake to your staff. This is useful if you alter staff rosters to account for an after hours stocktake.

Pro tip: Set aside time the day after the stocktake to review any stock variances.

 

2. Organise your pharmacy

Before you stocktake, fill your shelves from your backroom or storage room. Then, tidy this area. This helps you easily count your stock and helps reduces counting errors.

Create a floor plan with locations to stocktake. This helps you to allocate staff to specific sections and to mark off areas that have been counted. Your floor plan should include:  

  • Gondolas and key sections
  • Storage areas or rooms
  • Warehouse or 3rd party storage facilities

Pro tip: If you have a floor plan already, double check that it is still current.

 

3. Prepare your team

Organise and train your staff on what’s required. Consider including the following:

  • Process all outstanding invoices, receipt and put away stock.
  • Designate a location or product category for each staff member to count.
  • Select a counting method e.g. count shelves top to bottom or left to right.
  • Familiarise staff with a stocktaking app (Minfos App) to speed up the stocktake.
  • Train staff on the process for managing anomalies and issues such as:
    • Barcodes that don’t scan or product’s that are incorrectly labelled.
    • Damaged and out-of-date products.
    • Short-dated products.
    • Products that are in the wrong location.
    • Shelf labels that are in poor condition and need to be replaced.
  • Communicate what to count and what not to include, such as stock that has been:
    • Dispensed but not yet sold as this will need to be counted.
    • Stock that has been sold and waiting to be collected should not be counted.

 

During the stocktake

4. Make counting stock easy

The Minfos Stocktaking App allows multiple staff to stocktake at the same time. It can be used on Apple or Android mobile phones, iPads and on authorised handheld barcode scanners.

When counting stock using the Minfos Stocktaking App, simply scan the barcode and enter the current stock-on-hand (SOH) and hit update.

If you have stock in two separate areas (e.g. front of shop and the stock room) either:

  • Count the full SOH (from the two locations) and update it or
  • Stocktake one location and then add to the SOH when they stocktake the second location.

When using the Minfos Stocktaking App you can also:

  • Conduct stocktakes on the move.
  • Make real-time SOH adjustments.
  • Lookup product names, primary barcodes, retail prices, last counted dates & the current SOH quantities and much more.

What’s really useful about this solution is that it syncs any changes you make to your stock straight into your Minfos database.

 

Pro tip: If you are worried that your staff may get distracted using their mobiles while they stocktake, we have an authorised barcode scanner stocktaking solution. Talk to our Account Managers today to find out more.

 

5. Reward your staff

Stocktaking can be a monotonous task, so reward your staff for their efforts. For example, if you are stocktaking after hours, considering buying them dinner as a token of your appreciation.

 

After the stocktake

6. Review

Following the stocktake, review any large variances in stock as this may identify a counting error or an issue in shrinkage. Ensure all products with a SOH have been counted, review your stocktaking process, considering what worked well and areas for improvement for your next stocktake.

 

Looking to effectively manage your inventory? Minfos software enables you to manage every aspect of your pharmacy – from dispense to retail. Let us show you a demo.

 

All advice provided is general in nature and is not intended as legal advice. 

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How can your pharmacy benefit from linking customers to a master account?

There are several benefits to your pharmacy when you link related customers to a master account. These include the ability to:

  • Quickly and accurately charge to a master account
  • Manage a single account for multiple customers
  • Reduce your pharmacy’s overall number of customer accounts and the time required to manage them
  • Ability to issue one statement, instead of multiple, which reduces time spent by you and the customer manually reconciling accounts

 

When to link customers to a master account

Here are some examples of when you could consider linking one or more customers to a master account:

  • Families e.g. a husband to a wife’s account or children to a parent’s account
  • RACF resident to the Nursing Home account
  • In-patients to a hospital account
  • Organisation members to a master account

How to easily link a customer to a master account

From the customer’s profile simply select the master account you want to link to. By following this process, you can link multiple customers to one account.

Once linked, the master account will be pre-selected when charging the customer during the following processes:

  • Invoicing to an account in Dispense or at the Till
  • Charging to Pill box or Third-party packing
  • Automatic charging as part of End of Day

 

Learn how to link a customer to a master account here.

 

Looking to effectively manage your customer relationships? Minfos software enables you to manage every aspect of your pharmacy – from dispense to retail. Let us show you a demo.

 

All advice provided is general in nature and is not intended as legal advice.

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Bulk edit products with one-click

There are numerous product management tasks that need to be regularly completed in a pharmacy. To help you efficiently manage many of your daily tasks, we built the Minfos Product Quick Fix Screen.

 

This tool helps assist Stock Controllers and Retail Managers with making bulk product attribute changes from a single screen.

 

The Minfos Product Quick Fix Screen provides flexibility as the data can be filtered in many different ways. It allows you to review and action the product changes you need to make quickly and easily.

 

Here is a list of commonly used filters, that help you to:

  • View products and product details
  • Simultaneously fix multiple products and their attributes with one-click
  • View a product’s history via the Product Audit report
  • Update product stock cards
  • Easily merge products
  • Queue labels
  • Apply a filter to easily review and update products. You can do this for:
    • Known Value Items (KVI) lines
    • Products associated with a category
    • Products on an order
    • A range of products or a category based on products that have not sold since a specified date

 

Learn how to use the Minfos Product Quick Fix Screen here or watch these short video demonstrations here.

 

Looking to gain control of your inventory? Minfos software enables you to manage every aspect of your pharmacy – from dispense to retail. Let us show you a demo.

 

All advice provided is general in nature and is not intended as legal advice.

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Visit us at the 2021 TerryWhite Chemmart Conferences & APP 2021

Visit our stand to take a look at how:

  • Minfos will be integrating the Active Script List (ASL) workflow process into Minfos Dispense 
  • To use the Minfos electronic script queuing system (Minfos eQueue) to efficiently manage both your paper and electronic scripts
  • You can easily dispense for vaccination appointments
  • To save time and money by sending customers receipts via email or SMS 
  • You can quickly transfer stock between stores using Minfos Centralised Ordering
  • To use Minfos to automatically charge account customers

 

If you have any questions, feel free to reach out to us at  

 

We look forward to seeing you there! 

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