Common Pharmacy Accounting Mistakes and How to Fix Them
While some accounting mistakes independent pharmacies make can seem fairly minor, others can have a big impact on financial statements. Pharmacy accounting issues can be time consuming and costly to fix. In this video, Megan Perry, CPA, and Kathy Blanchard of Sykes …
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 …
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 …
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, …
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 …
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. …
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 …
3 common accounting mistakes of independent pharmacies
Whether you took ownership of your pharmacy three years ago or three decades, you might have fallen victim to one of the three most common mistakes we see again and again in pharmacies. These mistakes impact your cash flow, your margins, and …
