Introduction!

Pharma accounting demands specialized ability to navigate industry-specific regulations and financial challenges, including regulatory compliance, inventory management, tax compliance, and R&D costs. Juleb ERP ensures the critical financial aspects that every business needs like payroll, accounts payable, accounts receivable, and credit card management are efficiently handled.
Juleb Integrated Accounting streamlines financial processes, ensures regulatory compliance, and allows pharma companies to focus on their core operations.

Importance of Bookkeeping in Pharma industry

Bookkeeping is crucial in pharma industry for assorted reasons:

1. Regulatory Compliance: Ensures adherence to strict regulations, providing necessary documentation for audits and inspections.
2. Inventory Management: Tracks inventory levels and costs, helping manage raw materials, work-in-progress, and finished goods.
3. Financial Management & reporting: Monitors revenue, expenses, and profits, aiding in informed decision-making about pricing and production.
4. Tax Compliance & Tax reporting: Accurately reporting taxable income and expenses, ensuring correct tax payments and avoiding penalties.
5. Performance Measurement: Analyzes financial data to find cost-saving opportunities, efficiency improvements, and revenue enhancement.
6. Budgeting and Forecasting: Assists in creating correct budgets and forecasts, guiding strategic planning and resource allocation.
7. Stakeholder Confidence: Provides transparency and accountability, enhancing trust among investors, partners, and regulatory bodies.

Screenshot 1446-02-30 at 10.56.16.png

Key Juleb Features of Interest for Pharma Business

1. Batch Costing - Keeps procurement costs for each batch, including any bonuses, to calculate and keep a correct average cost per unit.
2. ZATCA Integrate - Ensure compliance with ZATCA Phase II by adopting advanced e-invoicing requirements
3. Inventory Management – Align stock valuation with accounting valuation for accurate inventory tracking and financial reporting.
4. Assets & Depreciation - Pattern accounting amortizes asset costs over their useful life, helping prevent financial losses and ensuring accurate financial reporting.
5. Accounting Report - Juleb Accounting provides crucial management reports and KPIs that enhance decision-making and operational efficiency. Key reports include Stock Valuation, Profit & Loss, Sales Details, and Aged Receivables and Payables, all tailored specifically for the pharmaceutical industry.
6. Profitability - Juleb system computes per-unit costs, incorporating discounts, enabling distribution companies to evaluate profitability and adjust discount strategies before finalizing B2B deals.
7. Average Costing – Manages procurement and sales fluctuations, providing correct assessment for B2B and POS transactions
8. Seamless Financial Synchronization - Integrates sales and purchase data in real time, ensuring correct and up-to-date financial records, streamlining reconciliation, and enhancing overall operational efficiency.
9. Budgeting & Forecasting – Employs budgeting in accounting module and build a precise financial forecasting and performance management through BI
10. Stakeholder Transparency – Customized BI reports to enhance trust and transparency with inventors, partners, and regulatory bodies.

Conclusion

Pharma operations, including procurement, sales (B2B/POS), inventory management, and planning, businesses can greatly enhance efficiency and decision-making by leveraging real-time BI forecasting and integrated accounting for seamless bookkeeping This seamless approach ensures correct resource tracking, improves sales processes, and delivers actionable insights for strategic planning. Aligning all sides of the business with real-time data drives operational excellence, improves financial outcomes, and helps businesses stay ahead of market trends.