Improving Pharmacy Inventory Control
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ScribdTranslationsImproving Pharmacy Inventory Control
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ScribdTranslationsBOLIVARIAN TECHNOLOGICAL INSTITUTE
ITB
ACADEMIC UNIT OF COMMERCIAL EDUCATION, ADMINISTRATION
AND SCIENCES
HIGHER TECHNOLOGY IN ACCOUNTING
INTEGRATED KNOWLEDGE PROJECT
translators
ANTEPARA URGILÉS ANDREA KATHIUSKA
HIDALGO CARCELEN DANIEL ANDRES
MENDIETA LOZADO PAOLA LISBETH
IVÁN ALBERTO PAUCAR ROBLES
MARTINEZ ISAAC ROGER
SUBJECT: SCIENTIFIC RESEARCH
PARALLEL: CPD22
Index
1. Characterization of the Company
Name
Location
Corporate Name
Mission
Vision
2. Justification of the Scientific Problem
Characterize the accounting department
Describe the problematic situation
Formulate the scientific problem
3. Theoretical Design of the Research
Research object
General Objective
Specific Objective
Hypothesis
Variable
4. Methodological Design
Population
Sample
Sampling
Research methods and techniques
Theoretical Framework
Inventories
Importance of inventories
Inventory registration and control system
Multiple account system or periodic inventory.
. Characteristic of the multiple account system or periodic inventory.
Perpetual inventory system.
Types of inventories
. Raw materials
. Products in process
. Finished products
. Initial inventory
. final_inventory
. Safety inventory
. Inventory management techniques
. a-b-c inventory control system.
6. Interview and Documentary Analysis
. Interview
. Documentary Analysis
7. Application and Interpretation of the results
. General Analysis
8. Conclusion
9. Bibliographic Reference
1.- Characterization of the company
Espinoza Pharmacy S.A
Geographic Location: Guasmo Sur Coop. Cesar Sandino 1 Mz 31 Villa 4
Morales Espinoza Carlos Xavier
Mission
Provide and offer solutions for the needs of our customers. Satisfy the
requirements of our clients and suppliers through the marketing of
pharmaceutical and popular products, ensuring quality and efficiency and
competitive, ensuring the personal, professional, and economic growth of our
company, as well as the well-being of the community.
Vision
A company in continuous professional growth for the satisfaction of our
clients, focusing on personalized service, and in continuous search for the
products that best meet your needs, offering the best quality and
well-being
2.- Justification of the Scientific Problem
Characterize the accounting department
The Espinoza pharmacy has 8 people, of which 2 work in the area of
accounting: the main accountant and accounting assistant in which they fulfill
the function of keeping track of the inventory of entries and exits of
medications at the pharmacy. This department is responsible for carrying everything
accounting process of the pharmacy, it is important to emphasize that it is the main one of the company
since without it we wouldn't be able to observe all our income and it is in charge
for the pharmacy to grow and perform well.
Describe the Problematic Situation
This does not have an inventory system that allows it to carry out a
appropriate report on the existing merchandise in the pharmacy.
There is no proper control over the entry and exit of merchandise.
either in stock or in the system.
Inventory is conducted during business hours.
By not presenting a correct inventory system, there are medications.
expired on the hangers.
Formulating the Scientific Problem
What limitations does the inventory system have to achieve productivity and
utilization of your assets?
The Espinoza S.A. pharmacy needs to carry out an adequate
inventory system in order to achieve a good result and therefore
achieve greater productivity and make better use of your assets.
3.- Theoretical Design of the Research
Object of the Research
Pharmaceutical Inventory Process.
General Objective
Propose a procedure to improve the registration and control of entry.
and output of medications at Espinoza S.A. pharmacy.
Specific Objective
To determine the theoretical foundations of the inventory process of the
Espinoza Pharmacy S.A.
Evaluate the causes that generated the deficiencies in the process of
inventory of the pharmacy Espinosa S.A.
Develop a procedure to improve the registration and control of entry
and exit of medications.
To evaluate the results obtained on the inventory process that
allows to have reports on existing medications.
Hypothesis
If an inventory procedure is implemented in the pharmacy Espinoza S.A, it will
will achieve better registration and control of the entry and exit of medications,
in which the benefits to clients and owners will be optimized.
Variables
Dependent variable
Pharmaceutical inventory process.
Independent Variable
Optimization of medication use.
Strengthening liquidity and profitability.
4.- Methodological Design
Population
At Farmacia Espinoza S.A, there are 8 people, of which 2 work in the
accounting area.
Sample
The sample we will use for the research is:
Chief Accountant
Accounting Assistant
Sampling
In the research, the type of sampling is simple probabilistic, as the
the selection of the elements that make it up was done randomly, allowing
that all individuals within the population have the same opportunity
of selection in the sample.
The mentioned population consists of 8 people, and one will be taken.
50% sample.
Method and Technique of Research
We have chosen the theoretical method of analysis and synthesis because it helps us to
break down the problem in search of the causes that led to the mismanagement
from the inventory process, and to gather information indicating why it arose
problem.
In which we also decided to use the empirical method since we chose the
following research techniques:
Interview
Documentary Analysis
Percentage Analysis.
5.- Theoretical Framework of the Project
Inventories.
Inventories are assets held for sale in the ordinary course of business.
exploitation; in the production process aimed at that sale; or in the form of materials or
supplies, to be consumed in the production process or in the supply of
services.[ CITATION IAS12 \\l 12298 ].
They are tangible goods held for sale in the ordinary course of
business or to be consumed in the production of goods or services for their
After commercialization, inventory refers to the verification and counting.
both qualitative and quantitative of the physical stocks with the theoretical ones that
were timely documented.
Importance of inventories
Inventories represent a high investment and have significant effects.
about all the main functions of the company, it is essential from there
reliance on an adequate supply of inventory since it depends on it.
activities for which the organization was established. According to [CITATION Mig06 \l
12298 ];
Inventories represent one of the main resources that any...
company, whether of a commercial, industrial, or service nature. The inventory has
as its main purpose is to supply the necessary materials to the company,
for its perpetual and regular development; that is to say, the inventory has a role
vital for movement within the production process and in this way face
the demand.
Inventories are important for several reasons:
They meet the needs of the clients and ensure the prolongation of
business.
It maintains the flow of materials through the production process.
They allow for an appropriate use of equipment and workforce.
The Inventory system is one of the most important resources of a company when
moment to be used for keeping track of production. According to
[CITATION Zap11 l 12298 ]:
Inventory registration and control system
The inventory control systems for sales recognized by the regime law
internal tax, and supported by accounting standards, are:
Multiple account system or periodic inventory.
Perpetual inventory system.
Multiple account system or periodic inventory.
The use of this system is becoming increasingly limited. Its features are represented in
the following:
Feature of the multiple account system or periodic inventory.
The inventory will be obtained from the warehouse, physically taking the inventory and
valuing at the last cost price or the market price, whichever is lower.
Make adjustment entries to determine the value of the profit in
sales and enter the value of the final inventory into the accounting records.
Use multiple support accounts, among others, sales purchases, inventory of
merchandise returns and sales discounts, returns, transportation and
insurance on purchases or sales, cost of sales and gross profit on sales.
Obsolete system, because it does not contribute to control and it does not help to generate either.
timely and reliable information.
Advantages:
Provides detailed information about each account.
It is easy to apply and compensate.
It provides savings in terms of maintenance costs.
Disadvantages:
It allows us to have proper control of the warehouse, due to the lack of control.
meticulous tracking of incoming and outgoing movements, the final inventory only is
obtains from the physical hiring and final assessment.
It could become complicated if the number of support accounts extends beyond what
independent.
It does not provide timely information or data about the cost of sales in a
determined moment.
Permanent account system or perpetual inventory.
This is the system suitable for the needs of control and information, which due to its
Advantages have been established in commercial, industrial, and service companies. Their
characteristics are:
Use three accounts:
Inventory of merchandise
Sales
Cost of sales
It is necessary to have an assistant for each type of item (inventory).
Thus, the inventory can be determined at any time. Just for control.
Periodic physical verifications of rotation must be carried out.
(sampling).
For each sales or return sales transaction, it is necessary to perform another.
that records that movements at cost price. Due to the initial difficulty,
its application requires having suitable accounting staff, capability and
properly trained.
Advantages:
It allows for effective control over the warehouse and those in charge of its custody.
It will hardly be possible to fall into shortages or stock overload.
(balance)
The final balance is determined at any time in an accounting manner.
At any moment, one can know the gross use for sale.
Disadvantages:
They require a greater monetary investment for their operation.
Types of inventories
There are different types of inventories, which will be detailed among the main ones.
continuation.
Raw materials
They are the materials, their assemblies, and other items obtained from other plants or
purchased from suppliers, which will be part of the final product.
Therefore, it is a material that the industry will use for the conversion of products
elaborated, extracted from thenatureand is transformed to manufacture materials that
later they will becomeconsumer goods.
Products in process
They are outputs that are obtained as labor is added, others
materials and other indirect costs to the raw material, that is to say, it
they are found partially finished at an intermediate level of production.
As long as its manufacturing process is not completed, it must be work in progress inventory.
Finished products
They are defined as goods that are the final result of several stages of
transformation and are ready for consumption or sale. This type of
inventory integrates the finished products in stock, which are located in
power of a company, plus the finished products that belong to it.
Initial inventory
Existence of merchandise, raw materials, and other goods of exchange or of
production, with which the operations of a company or business begin in
each of its exercises. It is equivalent to the inventory taken at the end of the exercise
previous
The Initial Inventory represents the value of the stock of goods in the
start date of the fiscal year or accounting period.
This account is opened with the amount given when valuing the inventory and does not return.
to have movement until the accounting period ends when it will be closed with a charge
at cost of goods sold or directly through Profit and Loss.
Final inventory
It is carried out at the end of the accounting period and corresponds to the physical inventory of the
company merchandise and its respective valuation. When relating this inventory
with the initial, the net purchases and sales of the period will yield the profits
Gross Losses in Sales for that period.
Safety inventory
The safety stock is used to prevent interruptions in the
provisioning, caused by delays in delivery or by unforeseen increases
of the demand, during a restocking period.
The importance of inventory is subject to the level of service, the fluctuation of the
demand and the variation in delivery delays.
Inventory management techniques
There are some techniques, and the application of one of them seeks to achieve a
efficient management of inventories that allows the company to provide a
maximum service to customers and production, with a minimum investment; so that
a way that contributes to the increase in the company's profitability and, in the case
of public companies, of an efficient provision of services; in such a way that,
the common good of the community is achieved. Next, we will detail the techniques
most used.
A-B-C inventory control system.
It involves conducting an analysis of the inventories, establishing layers of
investment or categories, with the aim of achieving greater control and attention over
the inventories that, due to their number and amount, require surveillance and attention
permanent; considering, moreover, a large number of articles from different
costs, in order to determine the approximate investment per unit, so as to take
decisions and achieving goals.
6.- Interview and Documentary Analysis
Interview
Questionnaire:
1.- Do you think it is necessary to design a model to carry out the process of
inventory?
2.- How is the merchandise inventory process currently developed in the
pharmacy?
3.- What are the current tools or policies established for the process of
inventory at the pharmacy Espinoza S.A?
4.- What types of issues have been generated by the lack of control of the processes of
inventory of goods at the pharmacy Espinoza S.A?
5.- What causes generated the insufficiencies in the inventory process in the pharmacy?
Espinoza S.A?
Documentary Analysis
Indicators:
Inventory of the existing merchandise.
Control at the entry and exit of merchandise.
Registration of the merchandise carried out during the period.
Recognition of the purchase and sale of merchandise.
7.- Application and Interpretation of the results
Interview with: Chief Accountant and Accounting Assistant of Espinoza S.A. pharmacy.
Objective: To determine the causes that led to the mismanagement of inventory in the
Espinoza Pharmacy S.A.
General Information:
xxxxx
xxxxx
03/07/19
1.- Do you believe that it is necessary to design a model to carry out the process of
inventory?
100% of the respondents agree that it is necessary to maintain control.
adequate inventory, because it will have knowledge of what is missing or existing,
This way, problems that could affect the pharmacy in the future will be avoided.
2.- How is the merchandise inventory process currently being developed in the
pharmacy?
50% of the respondents indicate that double is used in the inventory process.
count and the other 50% of the interviewees is done by laboratory and by order
alphabetical to ensure better inventory control, in this way it goes
checking for medication shortages, expiration and other deficiencies that may exist.
3.- What are the current tools or policies established for the process?
of inventory at the pharmacy Espinoza S.A?
All of the interviewees indicate that having this type of system in the
pharmacy is very important if used correctly to carry out the
inventory, as it helps to have proper control over medications.
4.- What types of issues have been generated by the lack of control of the processes?
of inventory of merchandise at the pharmacy Espinoza S.A?
In the interview conducted, 50% indicated that the lack of inventory control causes
waste of time and poor customer service, the other 50% of respondents acknowledge
there is a delay in the sales of medications and discounts for staff.
5.- What causes generated the shortcomings in the inventory process in the
Espinoza Pharmacy S.A.
100% of the respondents acknowledge that one of the main causes in the process
The inventory issue is the incorrect entry of medication during the verification.
entries and exits in the stock, this arises because there is no trained personnel.
GENERAL ANALYSIS
Based on the respective interviews with the accountants at the Espinoza S.A pharmacy, it
they knew the following causes:
Problems with the inventory.
Staff not trained to carry out the inventory correctly.
Inadequate recording of the inventory process.
Delay in the sale of medications.
Mismanagement in the pharmacy system (SASAC).
Documentary Analysis
Guide for the analysis of: Kardex
Determine the shortcomings in the inventory record at the time of conducting the inventory.
to be able to observe the entries and exits of the products in the pharmacy.
General Information
Company: Espinoza Pharmacy S.A.
Document: Kardex
Period: 2018-2019
• Date: March 7, 2019
Indicators For Valuation Scale Description
The Analysis
B R M
Registry of the It is inventory control
merchandise what is done in the
existing. pharmacy
Control en the it is carried appropriately
entry and exit of observation of the
the merchandise. products that come in and go out
in the pharmacy.
Record of the It allows us to know the dates
goods in which is carried out from the
carried out in the buying and selling of the
period. goods.
Recognition of It allows us to know that
buying and selling types of buying and selling are
of merchandise. is being carried out.
8.- Conclusion
The inventory in the pharmacy does not receive the proper attention and dedication, which causes
errors, missing items and surpluses, in addition to not having qualified personnel, therefore
resulting in economic losses and customer dissatisfaction.
At Farmacia Espinoza S.A, the inventory process shows deficiencies in the
current system, due to the lack of regular physical verification and not
apply an adequate permanent control regarding the entries and exits of the
merchandise, affecting the stock availability.
9.- Bibliographic References
Abambari Naula, H. (1989).