Mistakes and Cures for Pharmacy
Estimated Tax Payments
Estimated tax payments are required by pharmacies on a quarterly basis. Underpayment of this expense can result in penalties and interests. However, overpayment isn’t ideal either. In this video, Scotty Sykes, CPA, CFP® of Sykes & Company, P.A. shares a few ways …
Managing Pharmacy Overhead and Expenses
Pharmacy inventory, payroll and DIR fees are the three biggest expenses that community pharmacies typically incur. In this video, Megan Perry, CPA and Kathy Blanchard of Sykes & Company, P.A. share a few ways you can manage overhead and expenses in your …
Accrual vs. the Cash Method of Accounting: Expensing Advantages
Under the Tax Cuts and Jobs Act, independent pharmacies are allowed to move from an accrual to the cash method of accounting under certain conditions. In this video, Scotty Sykes, CPA, CFP® of Sykes & Company, P.A. discusses what you need to …
Fundamentals of Pharmacy Accounting
Fundamental accounting is a key component to financial success in independent pharmacies and provides a clearer picture for you to understand how your pharmacy is performing. In this video, Megan Perry, CPA, and Kathy Blanchard of Sykes & Company, P.A. share how …
How to Use Pioneer Reports to Improve Your Cash Flow
Many pharmacies lack fundamental accounting. Without proactive pharmacy cash flow management, it is difficult to achieve the growth you want. In this webinar, Scotty Sykes and Sarah Phillips of Sykes & Company, P.A. discuss how the use of Pioneer Reports can help …
Pharmacy Tax Planning for Year-End
Tax planning is a year-long process for independent pharmacies and even more so with the recent tax reform. In this video, Scotty Sykes of Sykes & Company, P.A. shares which pharmacy KPIs are important to monitor throughout the year as they relate …
The Impact of Proactive Accounting on Independent Pharmacies
While most accountants can manage basic bookkeeping and provide you with standard monthly accounting, working with a pharmacy-specific accountant provides you with insight that can help your pharmacy perform at its best. In this video, Bonnie Bond of Sykes & Company, P.A. …
Why You Need a Pharmacy Specific CFO
Growth increases the complexity of pharmacy accounting. This makes working with a CFO with pharmacy experience critical for your independent pharmacy’s continued growth. CFOs with pharmacy experience understand the metrics and pharmacy KPIs. In this video, Scotty Sykes, CPA, shares the benefits …
Why Mature Pharmacies Need Transaction Advisory Services
Who are the advisors that a mature pharmacy should have on hand to support growth? In this video, Ollin Sykes, CPA, discusses the transaction advisors that mature pharmacies should be sure to have on their advisory team, beginning with a pharmacy CPA. …
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, …
