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Pharmacy Operations
Management
A. Objectives in purchasing and inventory
control
Objective
• target signifying what should be accomplished and when.
• provide measurable reference points for corrective action.
Purchasing
• “Purchasing is the procuring of materials, supplies, machines, tools
and services required for equipment, maintenance, and operation of
a manufacturing plant” – Alford and Beatty.
Purchasing
• First phase of Materials Management
• The object of purchase department is to arrange the supply of
materials, spare parts and services or semi-finished goods, required
by the organization to produce the desired product, from some
agency or source outside the organization.
• The purchased items should be of specified quality in desired quantity
available at the prescribed time at a competitive price.
Objectives of Purchasing
• Maintaining continuity of supply
- must ensure the continuous availability of material, supplies and
equipment ---- to maintain production schedule or to avoid disruption
in production
• Items that do not fall within the definition of cash are post-dated
checks and notes receivable
Sources of Cash
Operating Activities
• day-to-day activities
• receivables, payable, credit cards, lines of crest, etc
• Does not include loan principal payments and purchases of
depreciable assets
Investing Activities
• all the purchases of depreciable assets that you make.
• funds received when those assets are sold
• use of cash when you buy an asset and can provide cash when you
sell them.
Financing Activities
• a major source of cash from financing activities is the money received
from a long-term loan, which is used to buy an asset
Financial planning process
F. Improving cash flow
Cash
• legal tender or coins that can be used to exchange goods, debt or
services
• it also includes the value of assets that can be converted into cash
immediately
Cash flow
• net amount of cash and cash-equivalents moving into and out of a
business
• used to assess the quality of a company's income, that is, how liquid
it is, which can indicate whether the company is positioned to remain
solvent.
How to improve:
a. Collect Accounts Receivables
b. Decrease liabilities
c. Increase sales