Avoiding Burnout as a Pharmacy Owner
Burnout occurs when an independent pharmacy owner is trying to take on all the back-office functions in a pharmacy, including payroll and accounting. Delegating these tasks can help alleviate signs of burnout and provide the owner with more time to serve patients, …
Optimize Your Pharmacy’s Third-Party Reconciliation
Delays in third-party payments lead to delays in reconciliation and posting of payments to your pharmacy’s chart of accounts. There are several points in the accounting process where third-party payers, bookkeeping and your third-party reconciliation approach can be assessed and optimized for …
Managing Your Pharmacy’s EIDL Program Funds
If your pharmacy was approved for an Economic Injury Disaster Loan (EIDL) through the Small Business Administration, what’s next? As funds are dispersed, pharmacies must carefully manage and document use of these funds to remain in compliance with the loan terms. Eligible …
How to Buy a Pharmacy Business Series: Dispensing Logs
Before buying pharmacy assets or signing a lease, review the data from script management systems and dispensing logs. Ideally, a three or four-year history of that information can tell you many things about acquisition costs, new scripts to total fills and margins …
Financial Essentials: Year-End Pharmacy Accounting Strategies
Scotty Sykes, CPA joined Tricia McCleskey at PioneerRx to host a webinar, Financial Essentials. In this webinar Scotty and Tricia talk through important steps to take when preparing your pharmacy for 2021 and how fundamental accounting can support where you want your …
Your Top Pharmacy Bookkeeping Issues
What are the top pharmacy bookkeeping and accounting issues that independent pharmacy owners should be aware of? Ollin Sykes, CPA, shares three key issues to consider, including monitoring and reconciliation of third party receivables, having a solid inventory system in place and …
What You Need to Know About DIR Accounting
What does an independent pharmacy owner need to know about DIR accounting? In this brief video, Ollin Sykes, CPA, of Sykes & Company, P.A. discusses DIR (Direct and Indirect Remuneration) fees and how to properly record DIR fees. He explains how to …
Federal Tax Filing and Payment Extensions to July 15, 2020
With many questions surrounding the extended federal tax filing and payment extensions to July 15, 2020, especially with many state deadlines differing, this video offers a few insights on what pharmacists should know. Ollin Sykes, CPA.CITP, CMA, provides a brief overview of …
Tax Planning 2020: What It Is and Why You Need It
Whether your pharmacy business is just getting started or if you expect to take a business loss in 2020, proactive tax planning can save you significantly this year or the next. By looking at your financial statements, your P&Ls, estimated tax payments …
Pharmacy Start-Up Costs: Biggest Mistakes in Year One
Start-up pharmacists must pay full attention to getting patients and customers in the door and building relationships with prescribers. Keeping cash flow positive is job one, especially in the first six months of your start-up. The start-up pharmacist can achieve this by …