Accounting software for pharmaceutical company Accnet ERP is the accounting solution that helps pharmaceutical business managers the exact cost of production, inventory control batches – term use, meet the requirements of auditing, tracing and strict compliance with the provisions of the pharmaceutical industry.
In pharmaceutical industrymanagement accounting does not just stop at the recognition of revenue – cost or financial reporting periodically. Pharmaceutical companies also have to strictly control the price of drug production, inventory by batch – term use, as well as ensure the ability to access data when the audit, inspection or quality assessment. Just a minor deviations in data can also lead to financial risks, loss of goods or affect corporate reputation.
Choosing the right software not only helps accountants work correctly, save time but also leader board support timely decisions, based on reliable data in the context of the pharmaceutical market increasingly competitive and subject to many regulatory requirements demanding. The same Lac Viet find out details in this article.
1. Pharmaceutical companies are experiencing difficulties in management accounting?
In fact the activities of the pharmaceutical companies, the accounting department usually stand in front of much bigger challenge than accounting of the other branches. This stems from the peculiarities of production, inventory by batch – term use and require compliance with strict rules of the industry. Here are three main problems that most pharmaceutical companies have to face:
1.1. The price of production of drugs difficult to control
One of the biggest challenges for accounting pharmaceutical products is the accuracy of the production cost of the drug. Other than the retail industry typically only interested in the cost of purchases and sales, pharmaceutical enterprises have noted, the allocation of production costs such as raw materials, direct labour, cost of joint workshops in each production batch.
If recorded manually or through Excel, the allocation of this lead to deviations do not keep up with the volume of data, the fluctuations in costs in the production process. When false, data reported profit according to the product will not properly reflect the business situation, making it difficult for decision price selling, strategic planning, manufacturing.
Especially in the pharmaceutical industry, raw material prices often fluctuate according to the market, and drug production process is quite complex. This makes the calculation of the cost of each batch of production becomes more difficult if there is no automated system support.
1.2. Accounting data – warehouse – discrete manufacturing
A difficult very popular is the accounting data – warehouse – production is not connected unity. Many pharmaceutical companies today still inventory management software private accounting with Excel and produced by other systems. When the source data is not synchronized, accounting to spend a lot of time for projectors, synthetic to ensure the data matches.
The consequences are easy to occur errors in the inventory report, the cost of production, take a lot of time checking affects the timeliness of financial reporting. The lack of the ministry of information led to the decision governance less effective because the data does not reflect the real situation.
In particular, in the pharmaceutical industry, the product has a shelf life, so if not, data management, inventory correctly in batches – term use, the business will have difficulty in the optimal inventory as well as minimize losses due to sales expired. The inventory expiration not only cause loss of capital, but also potential legal risks when delivered to the market.
1.3. Much depends on Excel, easy to errors, time consuming
Although software engineering is increasingly popular, but many pharmaceutical companies still use Excel spreadsheets to record aggregate accounting data. This makes accounting to handle the volume of data is so large a capital, to develop errors and data entry, calculation formula errors or lost data.
Errors in Excel not only do take time to check back, which can also lead to financial statements misleading. When the report sent to the tax authority or when the audit, the bias this may cause to explain the prolonged even be fined if the number does not meet the requirements. Experts also warn that when business depends too much on manual processes, work productivity significantly reduced and increased personnel costs for the work data repeated.
Three main issues on – price of production is difficult to control, accounting data-warehouse-discrete manufacturing, and depends strongly on the Excel led to flaws – comes from the business, there is no system data management focus, auto contact information. These restrictions not only makes accounting difficulties in the financial statements but also reduces the likelihood of timely decision-making accuracy of the leader board.
Therefore, the deployment of a solution, accounting software for pharmaceutical company help automation, data link is a step in the strategy to improve the efficiency of financial management and control of business activities, reducing the risk of errors, save operating costs.
2. Accounting software for pharmaceutical company has what?
Accounting software for pharmaceutical company is a technology solutions financial management – accounting is designed or custom peculiar to business operations in the pharmaceutical industry. This is not only a recording tool to receive the income – expenses – bookkeeping usual, but also the integration of keeping track of inventory, raw materials, semi-finished products, finished products drug batches – term use, synchronized with data production and distribution.
While accounting software general usually only handle professional financial services such as accounting for income and expenditure, debt management, or reporting tax, the accounting software for pharmaceutical company has additional important functions, such as:
- Inventory tracking of drugs according to the batch number, expiry help control the exact perishable items due to the time limit.
- Supports calculate the price of manufacturing drugs according to each command, segment, allocate the cost of raw materials, labor, cost of joint production.
- Closely connected between accounting, manufacturing and warehouse to ensure data consistency, easy to access when the audit or quality checks.
Practical example: a company produces 3 types of drugs A, B, C with the same raw material, but the cost of production varies due process, wastage different. Accounting software for pharmaceutical company will automatically allocate costs correctly for each product help accounting calculating cost of accurate reporting accurate profit under each item.
3. Why pharmaceutical companies need accounting solution specifically?
3.1 peculiarities of management accounting in manufacturing industries – pharmaceutical distribution
Pharmaceutical companies not only is unit sales, which typically perform the manufacturing process from raw materials to finished products, distributing products through a system of agents/pharmacy, retail, for end customers. This raises many requirements for accounting and management system:
Chain complex activity:
- Production of drugs often follow each lot with strict standards.
- Goods are shelf – if to overdue it forced liquidation, resulting in losses.
- Each production batch has the cost of raw materials and labor, different, need to allocate exactly to define the product price.
Manage raw materials and finished products according to the GMP standard:
- The pharmaceutical industry require strict adherence to production standards (such as Good Manufacturing Practices – GMP) to ensure quality of products.
- This means that accountants must follow the cost of supplies, inventory, evaluate the cost of production in accordance with standard quality management.
Requirements traceability:
- In case, check the quality or product recalls business need to access the production batch number, production date, shelf life.
- This will be very difficult if the data inventory and bookkeeping not direct link, or just kept on Excel discrete.
This suggests the use of accounting software for pharmaceutical company is a step switch, number needed to manage sync finance – inventory – production, not only meet the accounting requirements but also support the operation of quality control.
3.2 Risk if drug companies don't use accounting software suitable
When pharmaceutical companies still using manual processes or accounting software not specialized, they will face many risks:
- Deviations in the product price calculator: When cost data is not automatically collected, a detailed analysis for each batch production, accounting, easy-going wrong price. This led to reported profit is not accurate, affect the decision to the sale price, financial planning.
- Difficult to control inventory by batch – term use: If accounting software does not support tracking of batch – term use, the business will have difficulty in inventory, product recall about to expire, resulting in cancellation costs increase and loss of property.
- Risks when tax settlement, audit, inspection: The tax/audit requirements, financial reports must be accurate can access historical data in a clear way. If the data is distributed, no system, the provision of information will take time, easy-to-happen errors, can be sanctioned. Accounting software automatically stored standardized metrics to help businesses meet that requirement more clearly.
Accounting software for pharmaceutical company not only recording tool window, which is the system of financial management – accounting associated with manufacturing operations, warehouse and distribution peculiarities of the pharmaceutical industry. Help business control price, inventory batches – term use, meet reporting requirements, audit correctly, more effective.
4. Solution accounting software AccNet ERP for pharmaceutical company
4.1 introduction to accounting software Accnet ERP
AccNet ERP system is a software management accounting comprehensive business is designed to meet the full demand finance and accounting, warehouse, inventory, production management and report management for your business. Difference compared with accounting software alone is the contact information of data between the business activities rather than discrete as using Excel or many individual apps. This is especially useful with pharmaceutical companies, where the need to control inventory by batch and expiry date, calculating the cost of production details, track expenses through many different stitch.
AccNet ERP has been used by more than 1,000 enterprises in Vietnam with nearly 30 years of experience deploying solutions financial management – accounting for many different industries from production and trade to the area requiring specific management closely as pharmaceutical products.
The system is designed to be custom fit to the peculiarities of each business including business, pharmaceutical production, help accounting financial management operations more efficient without IT knowledge intensive.
4.2 The subsystem accounting AccNet ERP support pharmaceutical company
For a business, pharmacy, each account cost, each batch of production and each inventory item are playing an important role with respect to business results. AccNet ERP provides the accounting module in depth to solve this:
- Financial accounting: this module helps to record all business financial of the business from operations, buy – sell, income and expenditure, debts and payments. This helps the accounting treatment, financial reporting, accurate, compliance with accounting regulations Viet Nam, at the same time easily collated with the actual data from different departments. The automatic recognition accounting profession makes business reduce errors compared to manual processing.
- Accounting cost of production: In the pharmaceutical industry, the calculation price of production is very complex for related to raw materials, labor, overheads allocated according to each production batch. The price of AccNet ERP helps to automatically aggregate costs and allocated according to accounting standards, from which the given statements price of accuracy, help leadership can look more realistic about profits each product.
- Inventory management – batch – term use: This function is especially important for pharmaceutical enterprises. Software to track inventory by lot number and expiry date, to help control the amount of inventory, limited risk broken, expired. When there are any changes in inventories data is updated automatically link with the accounting helps data is always unity easy to access when the need to check or audit.
- Management reports as requested: One of the greatest values of AccNet ERP is the ability to create management reports, multi-dimensional according to the actual needs of the business. Instead of depending on the synthesis crafts, accountants can quickly generate reports such as reports, profit margin, cost analysis according to the production batch, reporting, cash flow, debts... this helps the leader board with timely information and accurate to take strategic decisions.
The distribution system is not only the technical features, but also help pharmaceutical companies reduce the processing time accounting at significantly increased accuracy and the ability of financial analysis in the context of production operations – business is more variable.
ACCOUNTING SOLUTIONS ACCNET ERP INTEGRATED AI AUTOMATE ALL BUSINESS
AccNet ERP is a software solution financial accounting integrated in the management system, comprehensive enterprise, which is developed by Lac Viet corporation. Difference highlights of AccNet ERP is the app artificial intelligence (AI) in many accounting process to help businesses:
- Automation of accounting and classified documents.
- Improving the accuracy in data control.
- Shorten processing time business accounting – financial.
Thanks to that, AccNet ERP not only is support tool but also a “smart assistant” with the business in financial management transparent effect.
Feature highlights:
✔️ Automatic accounting vouchers, collate public debt thanks to AI.
✔️ Manage your finance – accounting multi-branch, multi-subsidiary.
✔️ Financial statements consolidated standards of Vietnam & international (VAS, IFRS).
✔️ Cash flow management, budgeting, forecasting the exact cost.
✔️ Connect with the manure management system, hr, production, sales to sync data.
✔️ Integration of AI in data analysis, risk warning and proposed optimal scheme.
TYPICAL CUSTOMERS ARE DEPLOYING ACCNET ERP
- Nitto Denko – control production costs thanks to the application of accounting costing: Nitto Denko has chosen solution AccNet ERP to deploy the system accounting calculating cost ofhelp business control costs more effectively in the production process. After a period of use, company, highly effective, practical system that brings, as well as the degree of stability superior to other software in the market.
- ANTESCO – restructuring process works with management accounting operation: At ANTESCO, our team of consultants and deployment of AccNetERP has collaborated closely with the business in the first phase, reset the standard process and construction work-flow related departments throughout. The solution has helped ANTESCO significantly improve management capabilities, operating in a synchronized way and versatile
- Khatoco – expansion pack solution AccNetC after the successful implementation of original: Lac Viet has successfully deployed package solution AccNetC for trade co., LTD Khatoco in Nha Trang, according to the agreement signed on 29/07/2014. After the system is first put into operation efficiency, Khatoco intends to continue cooperation and expand the distribution finance – accounting and retail management with AccNetC, expressing the deep trust in implementation capacity and quality of service from Lac Viet.
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INTEGRATED AI ACCELERATION CONVERTER OF ACCOUNTING
AI in AccNet ERP't just stop at automate data entry, but also:
- Identification & classification certificate from smart: AI scan, read & sort invoice, voucher, receipt, limit errors due to input manually.
- Financial forecasting & budget: the system uses algorithms machine learning to forecast cost, revenue, business support decision fast.
- Warning risk accounting: AI to detect abnormalities in the book, from which timely warning of false or fraud risks.
- Reports assistant smart: AI suggested report template, automatic data aggregation support, leadership, financial analysis instant.
BUSINESS IS WHAT WHEN IMPLEMENTING ACCOUNTING SOFTWARE LAC VIET?
- Experience more than 30 years develop software solutions business management in Vietnam.
- Ecosystem of comprehensive: AccNet ERP easily connect with other solutions of Lac Viet (HRM, Workflow, Portal...).
- Advanced technology: Integrated AI support, cloud & on-premise flexible.
- Services dedicated support: A team of knowledgeable professionals with accounting – finance in Vietnam, companion throughout the deployment.
- Trust from thousands of customers in many areas: finance, banking, manufacturing, trade, services.
See details, feature & get FREE Demo
CONTACT INFORMATION:
- Hotline: 0901 555 063
- Email: accnet@lacviet.com.vn | Website: https://accnet.vn/
- Office address: 23 Nguyen Thi Huynh, Phu Nhuan, ho chi minh CITY.CITY
4.3 why AccNet ERP suitable for pharmaceutical enterprises in Vietnam?
There are three main reasons why AccNet ERP is the right choice for the pharmaceutical enterprises in Vietnam:
Learn accounting in accordance Vietnam
AccNet ERP was developed to comply with the accounting model and kept vouchers in accordance with accounting standards in Vietnam (VAS). This helps accounting business easily comply with the accounting requirements, tax, auditing correctly without adjustment algorithm or complex configuration. This is very important for the pharmaceutical industry, where financial data must meet standards, can be checked by authorities at any time.
User friendly and flexible in deployment
One of the disturbing popularity of business when the application software system is the degree of complexity difficult to use, especially when the user does not have IT platform. AccNet ERP is designed with easy to use interface, ability to customize according to the needs of professional practice, can be flexible deployment for medium and large business that does not require deep technical knowledge. This helps businesses reduce training time, quickly operate the software efficiently.
Extended follow the development of the business
Pharmaceutical enterprises to expand the scale of production or open more plants, branches need an accounting system has the ability to expand according to this growth. AccNet ERP supports multi-branch, multi-data, and contact information whole data, accounting – financial help leaders get a holistic view of business operations, even when the business grows more complex.
Can see, accounting software for pharmaceutical company not merely tools bookkeeping, which is the key platform to help business control costs, manage inventory by lot – term use and ensure transparency in the entire financial operations. When accounting data is automated and contact information with manufacturing, warehouse and sales, pharmaceutical enterprises will significantly reduce the risks of errors, save operating costs and improve management capability.
