The Importance of Timely Data

By: Tyler Chambers

In order to run a successful pharmacy, you need good data upon which to base your business decisions. “Good data” doesn’t just mean accurate data or plenty of data—though those are both good things. It also means timely data.

The Pros of Having Timely Data

Access to timely data makes it easier to manage your pharmacy business. It enables you to:

  • Manage the business and growth of your pharmacy in a timely manner – It makes the decision-making process much easier and allows you to formulate a growth outlook.
  • Get a strong handle on tax planning – Comparing your year-over-year data on a continuous basis allows you to make informed decisions prior to year-end. You can take key steps to best position your business as the tax year comes to a close.
  • Manage your financials – When you can demonstrate accurate and timely information about your current business operations, you are more likely to streamline the process for line of credit approvals. When cash-flow is imperative, having the information you need ready to submit makes the loan process much faster.
  • See your business from a cash flow perspective – With timely data about your organization, you can see in real-time what is coming in and what is going out. This is important information as you seek to make day-to-day decisions about running your pharmacy.

It really comes down to this: timely data allows you to make proactive decisions for your business. Lack of this type of data will leave you in a position where you can only make decisions reactively, and this is not a strong business footing. On top of that, attempts to make proactive decisions based upon untimely data will most likely backfire and be detrimental to your pharmacy.

How Blackman & Sloop Can Help

The Blackman and Sloop accounting advisors understand how important accurate and timely data truly is. We help our clients by providing the timely data that they need. From monthly phone calls to monthly financial reports and more, we provide extensive support in this area. Our experts are well versed in providing helpful, data-based business overviews. We offer both month-over-month and year-over-year reports to inform your business decisions.

Are you ready to gain access to a clear, data-based picture of how your pharmacy is doing? Contact us today to learn more.