Accounting for pharmaceutical companies

Comprehensive accounting services for the pharmaceutical industry

The pharmaceutical services market is developing extremely rapidly, and companies operating in the industry face a number of complex challenges. Many decisions require long-term thinking and adaptation to changing market conditions. It is becoming crucial to find a proven provider of financial and accounting services that will ensure efficient bookkeeping, solve problems immediately and support business processes.

Automation of accounting processes and modern technologies

At Aider Polska (MDDP Outsourcing) we are not afraid to bet on the automation of accounting processes. We know that by doing so, the client is assured of fast, secure and quality services. Therefore, we use advanced technologies, such as RAKS and WEBCON systems, which we customize to meet the individual needs of our clients, but also - when the Client has implemented an advanced system with which he is satisfied - we cooperate on the Client's systems. We are also able to cooperate on the systems of Aider Polska (MDDP Outsourcing) and partially on the Client's systems. Cooperation with us is possible in a model that, above all, is effective for the Client's business. We implement advanced analytical tools and cloud-based accounting solutions, which increases availability and protects data security.

- We offer assistance in the transition to digital accounting solutions, including data migration and systems integration. We support the implementation of new accounting systems both on the part of Aider Polska (MDDP Outsourcing) and the client, ensuring smoothness and compliance with market requirements.
- We apply rigorous quality control procedures to ensure that accounting data complies with applicable regulations (including the Accounting Act). We regularly conduct internal audits and train employees on the latest accounting regulations and techniques to ensure the highest standard of service.
- We tailor our services to the specific needs of each pharmaceutical company. Our customized approach allows us to precisely tailor accounting programs to the requirements of a particular company, ensuring the optimization of accounting and financial processes.
- We ensure full compliance with domestic and international regulations, including data protection requirements (GDPR). Our experts, working with foreign clients, are well versed in international regulations, guaranteeing the security we prioritize and the compliance of financial operations.
- Our services are flexible and scalable, allowing us to quickly adjust the scope of services to meet the client's changing needs. Depending on the growth of the pharmaceutical company, we can expand our offerings to provide full support to the client.

Industry specifics

Work-in-progress, materials and goods management, as well as the correct valuation of the cost of goods are complex issues that pose a daily challenge to the accountant at a manufacturing plant. Each of these areas requires special attention and precision, as they directly affect the profitability and liquidity of the company, as well as the correctness of the tax and balance sheet in the company's books. Such complex activities require not only precision and knowledge, but also experience to respond quickly and effectively to any changes in the production process and legal regulations.

Challenges in the industry

- In proper bookkeeping, it is crucial to establish rules for the current valuation of finished goods, work in progress and semi-finished products. The subsidiary ledgers for these groups of components should be compliant and set up in such a way that data can be generated for both analysis and posting. Finished goods, work-in-progress and semi-finished products can be kept in quantity and value records, quantity records or write-offs of the value of manufactured products as they are produced. It is also important to determine the outgoing value of inventory from the warehouse, which, according to the regulations, can be carried out by one of four methods of valuation: at average prices, FIFO, LIFO and through specific identification of the actual prices of these assets. Attention should also be paid to the company's methods of valuing components: whether the company bases its valuation on actual prices or on record prices, from which deviations occur and which the accountant must correctly recognize in the books. Then there are the complex issues that arise during the purchasing process: how to record the delivery of purchased production materials or how to recognize exchange rate differences. Undoubtedly, determining the timing of deductible expenses for the purposes of the Corporate Income Tax Act is also an important element. Without the support of an experienced accounting team, this process can be disrupted and presented inconsistently with the regulations.
- Proper recording of accounting events in the accounting system is crucial. Our accountants, who have many years of experience, are specialized in keeping records in parallel on cost accounts by type and cost accounts by type of activity, the so-called team "4" and "5" accounts, which are very common in manufacturing companies. These accounts are extremely important, as accurate cost accounting is key to effective financial management and profitability. Thanks to the extensive knowledge and previous experience of our accounting teams, we know how important it is to reconcile the closed circle of costs and correctly determine the amount of change in products at the end of the period. Our experience shows that careful and compliant cost accounting is crucial for correct period-end closing. As a result, statutory audits run smoothly and all data is prepared with the utmost care and correctly presented.
- Accurate preparation of accounting and financial data allows not only to meet legal and regulatory requirements, but also to provide valuable management information that is essential for making informed business decisions. As a result, our accounting solutions help increase a company's financial transparency, optimize costs and improve the presentation of its financial results.

Experience in the pharmaceutical industry

We have experience working for pharmaceutical companies, both on our accounting system (RAKS and WEBCON) and on the client's system (such as: Oracle, Hyperion, FlexiReporting, Tagetik, Excel, SAP, Optima, Enova and others). We have also participated in the process of migrating the books from our accounting system to the client's system and vice versa. Ensuring the correctness of the implemented process requires experience and extensive knowledge, but also meticulousness, timeliness and self-discipline. All these qualities characterize the specialists of our company, who, thanks to the implementation of various projects, can efficiently and safely implement all ideas and changes in the company.

Our services include:

Bookkeeping
Preparation of financial statements
Preparation of VAT and CIT tax returns
Reporting to the Central Statistical Office and the National Bank of Poland
Preparation of cyclical reports
Stock exchange reporting
Issuing of sales invoices

Why choose Aider Polska?

Our accounting solutions help you increase your company's financial transparency, optimize costs and improve the presentation of financial results. Thanks to carefully maintained cost accounting and compliance with accounting principles, statutory audits run smoothly and all data is prepared with utmost care and presented correctly.

With years of experience and the extensive knowledge of our accounting teams, we are able to provide the highest quality financial and accounting services for pharmaceutical companies. Contact us to find out how we can help your company succeed in the rapidly growing pharmaceutical market.