Unleash Profitability: Recover Lost Profit from Net Negative Prescriptions
In this episode of The Bottom Line Pharmacy Podcast, join us as we sit down with Arica Collins, PharmD, and Founder of RetailMyMeds.com, to delve into her industry innovation that empowers independent pharmacies. Discover how Arica’s groundbreaking solution effectively utilizes a dashboard …
Pharmacy Lending for Start-Ups with First Financial Bank
With higher interest rates, are pharmacy start-ups still happening? Yes! But working with a niche pharmacy lender can go a long way toward supporting your start-up pharmacy dream. In this episode of The Bottom Line Pharmacy Podcast, Drew Hegi with the pharmacy …
Classic Video: Creating a Financial Dashboard for your Pharmacy
You may be surprised to learn that having a financial dashboard for your independent pharmacy goes far beyond just knowing how much cash you have. In this video, Ollin Sykes of Sykes & Company, P.A., talks about how to set up a …
Accrual vs. the Cash Method of Accounting: Expensing Advantages
Under the Tax Cuts and Jobs Act, independent pharmacies are allowed to move from an accrual to the cash method of accounting under certain conditions. In this video, Scotty Sykes, CPA, CFP® of Sykes & Company, P.A. discusses what you need to …
Tax Planning for Your Pharmacy
Ollin Sykes, CPA, of Sykes & Company, P.A. discusses how the Tax Cuts and Jobs Act may impact independent pharmacies. The main areas of impact are: §199A deduction capabilities, technology updates and fixed asset purchases, meals and entertainment deduction guidelines and cash …
Classic Video: Three Most Important Pharmacy Accounting Inventory Issues
What are the three most important pharmacy accounting inventory issues? Ollin Sykes describes the importance of having a perpetual inventory system tied into your script management system and how the two work together. He also discusses why every pharmacy owner should have a …
Fixing Your Independent Pharmacy Accounting Mystery
Is the accuracy of your independent pharmacy financial statements a mystery? Maintaining monthly accrual-based financial statements helps to ensure that your accounting information is up-to-date and accurate. Ollin Sykes, pharmacy CPA, describes the information you will want to collect monthly to better …
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 …
PPP Loan Forgiveness for Pharmacies
Have you received a PPP Loan? Once you receive these funds, the real work begins. Ollin Sykes and Scotty Sykes provide early insights on what pharmacies will need to track and report regarding use of PPP funds. This documentation is required in …
Classic Video: 3 pharmacy business trends you can’t afford to ignore
Ollin Sykes and Sykes & Company, P.A., focus on pharmacy accounting. Learn about the three trends they’re seeing in pharmacy business and why you need to pay attention to them. These trends include: The rise of generic inventory & the need to …
