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 …
340B: How to Thrive in an Unfamiliar Space
340B is a unique area that can help you diversify revenues, increase your bottom line and enhance cash flow. However, not all 340B contracts are the same and in some instances you may even lose money. In this webinar Sykes & Company, …
Sykes Client Testimonial: Nicolette Mathey
Nicolette Mathey of Palm Harbor Pharmacy and Atrium24 began working with Sykes & Company, P.A. four years ago beginning with the purchase of her pharmacy. Today the firm manages all the bookkeeping, accounting advisory and tax planning for Nicolette’s independent pharmacy and …
Client Testimonial: TW Taylor
The Williamsburg Drug Company, Williamsburg, VA When TW Taylor began working with Sykes & Company, P.A. in early 2017, it was to purchase his two pharmacies that make up The Williamsburg Drug Company. After the purchase, TW quickly entrusted the firm with …
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 …
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 …