Accounting and Financial in Pharmacy Practice: Managerial Accounting

Yousef Ahmed Alomi; Ghadeer Zayed Aljumah; Nasser Rashid Alohlie; Naif Saleh Alamri; Maha Hussein Almadany; Abeer Hussin Almasoudi; Riyadh M Alashban

Abstract

International Journal of Pharmacology and Clinical Sciences,2023,12,2,56-66.

DOI:10.5530/ijpcs.2023.12.8

Published:September 2023

Type:Research Article

Authors:

Author(s) affiliations:

Yousef Ahmed Alomi¹, BSc. Pharm, MSc. Clin Pharm, BCPS, BCNSP, DiBA, CDE Critical Care Clinical Pharmacists, TPN Clinical Pharmacist, Freelancer Business Planner, Content Editor, and Data Analyst, Riyadh, SAUDI ARABIA.

Ghadeer Zayed Aljumah, Bachelor of Accounting, Financial Manager, Ministry of Health, Riyadh, SAUDI ARABIA.

Nasser Rashid Alohlie, Bachelor of Economy, Financial Audit, Ministry of Health, Riyadh, SAUDI ARABIA.

Naif Saleh Alamri, Bachelor of Engineering, Director General of the General Administration of Security and Safety Ministry of Health, Riyadh, SAUDI ARABIA.

Maha Hussein Almadany, Bsc. Pharm, Health Care Quality Management Professional Diploma (HCQM), Pharmacy Quality Department, King Salman bin Abdulaziz Medical City, Al Madina Al Monwarah, SAUDI ARABIA.

Abeer Hussin Almasoudi, ABSc.Pharm, BCPS., Director, Administration of Research and Studies, Ministry of Health, Tabuk, SAUDI ARABIA.

Riyadh M Alashban, Ph.D., Medical Care Pharmacy, Riyadh, SAUDI ARABIA.

Abstract:

Objectives: To explore the managerial accounting policy and procedures in pharmacy practice as a new initiative in Saudi Arabia. Methods: It was a narrative review of the pharmacy practice’s managerial accounting policy and procedures. Litterateur searched various databases, including PubMed, Medline, and Google Scholar. The search period is from the 1960s until 15 October 2023. The term is in full-text English and includes Case Reports, Classical Articles, Clinical Conferences, Clinical Studies, Clinical Trials, Evaluation Studies, Government Publications, Guidelines, Meta-Analysis, Observational Studies, Practice Guidelines, Randomized Controlled Trials, Reviews, Systematic Reviews, with Humans subject. All hospital or community pharmacy services are included in a search term. Besides, the National and international guidelines of general infection control in hospital practice. The committee of pharmacy accounting policy and procedures formulated and consisted of various expert members. That includes clinical pharmacists, accountant specialists, and financial experts. The guidelines of the policy draft by one member by the second member were reviewed and corrected. The third revision was by the accountant specialist. The topic emphasizes managerial accounting of the Pharmacy policy. Results: The managerial accounting policy and procedures in pharmacy practice calculate the costs of products sold, working fees, labor costs, and other costs related to running a pharmacy. Managerial accounting in pharmacy practice can analyze the prices of various products and services, track sales revenue and profit margins, and improve pharmacy operations’ efficiency, effectiveness, and profitability. The steps of cost calculation policy and procedures were illustrated in the review. Conclusion: The managerial accounting policy and procedures in pharmacy practice is a new pharmacy management initiative. The managerial accounting policy and procedures in pharmacy practice can help pharmacy managers and administrators make effective financial decisions and plan pharmacy budgets and product pricing. Therefore, pharmacy career professionals in Saudi Arabia must implement the administrative-accounting policy and procedures in pharmacy practice.

Keywords:Accounting, Financial, Managerial Accounting, Pharmacy, Policy, Saudi Arabia.