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, …
Why the First 18 Months of a Pharmacy Start-up are Make or Break
The first 18 months is a critical time for any pharmacy start-up to become successful. In this video, Ollin Sykes of Sykes & Company, P.A. discusses what it takes to be cashflow positive, what to do in those first 18 months to …
The Sleeper Tax Item for Pharmacies in the TCJA
Under the Tax Cuts and Jobs Act, some retail pharmacies can opt to move their accounting from an accrual basis to a cash basis, which could result in adjustments as far back as the 2015 tax year. It is optional, but could …
Basic KPI for Successful Pharmacies
There are a few important key performance indicators (KPIs) that pharmacies need to be concerned with. Liquidity ratios are one of the most important KPIs for independent pharmacies today. In this video, Ollin Sykes of Sykes & Company, P.A. shares how to …
Meals and Entertainment – IRS Guidance Released
The IRS has released guidance on the meals and entertainment section of the tax reform. In this video, Scotty Sykes, CPA of Sykes & Company, P.A., discusses what is still deductible, under what conditions and what is no longer able to be …
Trends for DIR Fees in 2018
Direct and indirect remuneration (DIR) fee increases are being implemented in 2018, but may be retroactive to 2017 in some cases. In this video, Scotty Sykes, CPA of Sykes & Company, P.A. discusses the trends in DIR fees for 2018 and what types …
Add Value Using the Sykes & Company, P.A. Exclusive Pharmacy Accounting Model
Scotty Sykes, CPA, CGMA describes how Sykes & Company, P.A. helps pharmacy owners with accounting, tax and advisory services. Find out how we can add value beyond the financial statements, balance sheets and profit and loss statements you receive from QuickBooks. Our …
Common Mistakes in Pharmacy Accounting
In this video, Pharmacy CPA Scotty Sykes talks about mistakes he frequently sees independent pharmacy owners make with their accounting systems. To begin with, too many pharmacy owners don’t have a solid accounting system. Scotty explains the importance of viewing your accounting …
