PHRX4050%200919%20money%20mgt-1

PHRX4050%200919%20money%20mgt-1 - Managing Money and...

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Managing Money and Financial Tools PHRX 4050 Monday Sept. 19 Peter Tyczkowski, R.Ph., MBA peter.tyczkowski@uconn.edu 860-486-3151 1
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Goal: Introduce you to the basic tools used to assess the financial performance of a business unit Learning Objectives Identify financial variables that impact business performance Differentiate between types of financial variables and explain interrelationships Demonstrate management tools to record and report financial performance Demonstrate the flow of cash through a variety of pharmacy related transactions 2
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In all environments There is a connection between financial markers and organizational success 3
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Balance between: Producing/supplying a quality product or service Generating a profit or keeping within allowable costs 4
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5 Consider these two pharmacy settings:
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Profit Center vs. Cost Center Profit center A business unit or department which is treated as a distinct entity enabling revenues and expenses to be determined so that profitability can be measured Cost Center 6
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Revenues and Expenses (Find their home on the income statement) Revenues = money generated by the business from the sales of products or services Expenses = money consumed by the business 7
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Fixed and Variable expenses Fixed Rent* Lease payments Mortgage Variable Rent* Wages Utilities Advertising Delivery 8
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Non Cash Expenses Depreciation Amortization 9
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Definition "An asset is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the enterprise." IASB What assets are found in a pharmacy? 10
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Asset types and examples Current/short term Cash Receivables Inventory Prepaid expenses Long term Fixed assets (PPE) Investments or loans granted Intangible Patents, Goodwill Franchise 11
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Cost What did I pay for it? Market
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This note was uploaded on 10/08/2011 for the course PHAR 4030 taught by Professor Dr.miller during the Spring '11 term at UConn.

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PHRX4050%200919%20money%20mgt-1 - Managing Money and...

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