Tax Reform: 3 Areas to Watch Closely
The Tax Cuts & Jobs Act (TCJA) will impact most, if not all, pharmacy entities and their owners. However, as of the publishing of this video, we do not know how three key areas of this law will be implemented and, as …
Pharmacy Owner Compensation and Payroll Expenses
How does a pharmacy owner determine his or her own salary? Scotty Sykes shares the planning factors to consider for owner compensation and provides the average salary to use as a baseline. He also discusses the NCPA benchmark for payroll expenses. …
Common Pharmacy Accounting Mistakes Part 2
Independent Pharmacy CPA Scotty Sykes continues to share the most common mistakes that he sees independent pharmacy owners make with regard to their accounting systems. A lot of times, their payroll costs are too high and they’re not using technology to their …
Sykes Client Testimonial: Peter Wolfe
In business for the last 45 years, Peter Wolfe has seen many bookkeepers and accountant. None of them produced the kinds of reports he’s getting from Sykes & Company. From them he gets the insights he need to manage his business even …
Sykes Client Testimonial: Hardin’s Drug
Ken Hardin started in the pharmacy business 40 years ago and has owned as many as six stores at a time. In addition to giving him peace of mind, Sykes & Company helped him through buying out the other half of the …
Sykes Client Testimonial: Tim Finley
Tim Finley first contacted Ollin Sykes when he was looking at buying a pharmacy. Working with Sykes & Company reduced the time it took him to buy a pharmacy by months and gives him peace of mind with the day-to-day operations of …
Sykes Videos Help Pharmacy Student
Ollin Sykes’ library of videos helped pharmacy student Zach Burns get a year’s scholarship at his university. In this guest blog, Zach talks about finding Ollin’s videos and how he used them in presenting a business plan for his future pharmacy. …
An Accounting Prescription Series: Proactive Pharmacy Accounting, Business & Tax Checklist
By Scotty Sykes, CPA Need an accounting and tax checklist to get you organized going into the second half of the year? Below is a checklist to help you get proactive for fall and winter 2017. Don’t wait get started now! Verify …
CARES Act Provider Relief Fund & HHS Stimulus – Uses and Management
By now, pharmacies may have received two distributions from the CARES Act provision known as the Medicare Provider Relief Fund, which allocates automatic stimulus grants to providers that billed Medicare Fee-for-Service (MFFS) in 2019 or have provided COVID-19 related services in 2020. …
Which Version of Quickbooks Should My Pharmacy Be Using
Desktop, online, hosted, Enterprise? How do you know which version of QuickBooks is right for your pharmacy accounting? In this video, Ollin Sykes describes the different options so you’ll know which one is right for your needs. He also warns about using …