By Scotty Sykes, CPA

Need an accounting and tax checklist to get you organized going into the second half of the year? Below is a checklist to help you get proactive for fall and winter 2017. Don’t wait get started now!

  • Verify employee payroll data, date of birth, SSN, hire dates, termination dates.

  • Keep proper records and documentation for any meals, entertainment and charitable contributions. Credit card statements are not enough documentation. Keep those receipts and document everything with who, what, when, where and why – the more detail, the better.

  • Keep proper records and documentation of business use of vehicles, especially for those who own greater or equal to 2% of any pass through entity

  • Take a physical inventory and tie it into your pharmacy accounting system (at least twice a year).

  • Review tax planning options now, not December or January!

  • Ask your CPA if you should consider a more powerful retirement plan.

  • Compare your store performance to your peers by looking at industry benchmarks.

  • Review your payroll costs and trim where possible. Find out from your accountant what payroll should be in a pharmacy your size.

  • Consider technology upgrades such as script system or robots. Your accountant can advise you about tax benefits of such an upgrade.

  • Review script audit logs and compare to financial statements.

  • If you don’t have one already, a third party reconciliation service is a must.

  • Review financial statements with your CPA.

  • Review your short term and long term goals.