Tracking Third-Party Receivables for Your Pharmacy
Should pharmacy owners track their third-party receivables? If so, how should they be doing it? In this video, Scotty Sykes explains the importance of tracking the third-party receivables for your independent pharmacies. He also discusses the importance of managing your third-party receivables …
How to Improve Pharmacy Profit Margins
Ollin Sykes discusses “numbers with integrity” in pharmacy accounting that, taken together, can improve profit margins. He also shares the number one reason that some pharmacies experience better margins than others. …
DIR Fees: Accounting and Tax Treatment
How should pharmacies treat DIR (Direct and Indirect Remuneration) fees from an accounting and tax perspective? Ollin Sykes of Sykes & Company, P.A. explains the complexity of DIR fees. He also shares how to track these fees and keep your pharmacy reporting …
Top KPIs for Pharmacy Accounting
What are the top key performance indicators (KPIs) that determine the health of a pharmacy? Pharmacy CPA Scotty Sykes shares the top key performance indicators (KPIs) that experienced pharmacy accountants review regularly. He looks at why having accounting fundamentals in place is …
Getting The Most From Your CPA
Is your independent pharmacy CPA proactively looking at your books? Ollin Sykes discusses what you should expect from your CPA to maximize your position as an independent pharmacy owner. He covers how often to talk to your CPA and the number of …
Summer Goals for Independent Pharmacy Owners
First off, have your taxes been filed? Ollin Sykes talks about the importance of making sure you’re through tax season, not on extension, and what to focus no next. This is the perfect time to attend a major wholesaler tradewshow. Ollin explains …
The Importance of Pharmacy Prescription Logs
In this video, independent pharmacy CPA Ollin Sykes explains how to use your script dispensing logs and script management systems to make your pharmacy more efficient. He talks about the information you should be tracking and discusses the benefit of being able …
What to Look For in A Pharmacy CPA
Many independent pharmacy owners start out working with an accountant in their local area, but that can cause them to miss opportunities for growth. In this video, Scotty Sykes explains why you need an accountant who understands the pharmacy industry, including specific …
The Danger of Being A Passive Pharmacy Owner
The most successful independent pharmacy owners are fully engaged. In this video Scotty Sykes talks about why this is, including the ways in which passive owners can cause a pharmacy to struggle. He explains why it’s time to get out of the …
Managing Payroll Costs in Your Independent Pharmacy
Your payroll percentage is a crucial component of your pharmacy’s bottom line net income. In this video, Scotty Sykes of Sykes & Company, P.A., talks about how to get your payroll cost in line with industry standards and best practices. He looks …
