Using Script Audit Logs When Analyzing Pharmacy Cash Flow and Profitability
Comparing your script audit logs to your financial statements can help you understand the financial position of your pharmacy. If your pharmacy is in growth mode, your new scripts will be around 50% or more of your total scripts. In this video, …
The Hidden Fee That Affects Accurate Revenue
Direct and Indirect Remuneration (DIR) fees are only recently being recognized by script management systems and it’s critical that pharmacy owners engage with a pharmacy specific accountant. In this video, Ollin Sykes of Sykes & Company, P.A. discusses why it’s important to …
Non Traditional Services Used to Improve Pharmacy Margins
Non traditional services can help you improve your independent pharmacy’s margins. In this video, Scotty Sykes talks about which services make a difference for pharmacies. He discusses medication adherence for patients, compounding, travel vaccinations, specialty over-the-counter medications and more. He also provides …
How to Consistently Improve Your Gross Margins
Achieving a good industry average gross margin can be challenging when managing the expenses the independent pharmacy owner is faced with. In this video, Scotty Sykes of Sykes & Company, P.A. discusses what you can do to consistently improve your gross margins. …
Managing Labor Costs in an Independent Pharmacy
Next to cost of goods, labor costs are usually the second largest expense for an independent pharmacy. Labor costs should be no more than 10.5% of a pharmacy’s revenue and can cut into margins quite significantly if not measured and controlled. In …
How Can KPIs be a Predictor of Cash Flow?
Do you know which key performance indicators (KPI) are the best predictors of cash flows? In this video, Ollin Sykes of Sykes & Company, P.A. explains how a pharmacy’s biggest KPI is the current ratio which should be in 2.5 to 3.5 …
Three Things Your Inventory is Telling You About Profits
Inventory issues in an independent retail pharmacy is crucial to what the income statement and profit and loss statement are going to show, as well as to cash flow. In this video, Ollin Sykes of Sykes & Company, P.A. explains why a …
The Impact of Pharmacy Inventory Management on Gross Margins | Sykes & Company, P.A.
Your pharmacy inventory is critical to your gross margins. Learn how to properly manage your inventory to achieve a good industry average gross margin of 22-23%. In this video, Ollin Sykes of Sykes & Company, P.A. discusses inventory management and its affect …
Bookkeeping vs. Accounting vs. Sykes Accounting
Often the terms bookkeeping and accounting get interchanged and confused with each other. In this video, Scotty Sykes of Sykes & Company, P.A. explains the difference between bookkeeping and accounting. He dives into how their firm approaches accounting for their pharmacy clients. …
Accounting for Your Pharmacy – Beyond the Bank Account
Using your bank account as your pharmacy’s accounting system leaves you in the dark about the true performance of your pharmacy business. Scotty Sykes explains in an issue of ELEMENT Show detrimental this can be for your independent pharmacy. In the article, …
