Scotty Sykes, CPA, CFP® Creates Continuing Education Curriculum for NCPA
For the December 2021 issue of America’s Pharmacist, the premiere publication of the National Community Pharmacists Association (NCPA), Scotty Sykes, CPA, CFP® wrote a whitepaper about the fundamentals of a sound financial and accounting system. Sykes & Company, P.A. is a frequent …
Pharmacy Business Meals & Entertainment
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act. This Act completely reformed many areas of tax law including meals and entertainment rules. These rules will impact just about every pharmacy in the industry, and they …
Safe Harbor Certification For Small PPP Loans, But Document Use Carefully
When applying for the Paycheck Protection Program, every applicant had to certify that the “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.” No one knew exactly what this meant, therefore, our suggestion was to …
Early Insights on the PPP Loan Forgiveness Application
On May 15, 2020, The Small Business Administration (“SBA”) in conjunction with the Department of the Treasury released the Paycheck Protection Program (“PPP”) Loan Forgiveness Application along with detailed instructions. Download the application here. The application is thorough, resembles a tax return …
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 …
DIR Fees Pharmacy Accounting Best Practices Webinar
DIR fees are the third largest expense in a pharmacy, and they are increasing as a percentage of gross revenue. The Kentucky Pharmacists Association invited Scotty Sykes, CPA, CFP® to talk about how pharmacists can create accounting best practices to preserve their …
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 …