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 …
The Dangers of Using Your Bank Account As Your Accounting System
In the past, independent pharmacy owners may have used their bank balance to tell them the health of their pharmacy. In this video, Scotty Sykes explains why this is not an effective way to manage your pharmacy accounting—especially given today’s tight margins. …
Tax changes for pharmacy accounting in 2016 and beyond
Congress passed a substantial tax bill in late 2015 that is retroactive to Jan. 1, 2015. This bill has a number of changes that can benefit independent pharmacy owners. In this video, Ollin details the changes and what they could mean for …
Pharmacy Train Wrecks and Turnarounds
In this video, Ollin talks about some of the worst pharmacy accounting problems seen by Sykes & Company — plus what to do if you think you’re in the middle of one. Find out how pharmacies get into trouble and how Sykes …
