Inventory Management: Keep Your Cash in the Bank, Not the Shelf
Learn about the important factors of inventory management for independent pharmacies. There are many aspects to managing your inventory that can improve your cash flow and bottom line. Notable topics in this recorded webinar include perpetual inventory systems, inventory technology and best …
Pharmacy Start-Up Costs: Operations
Start-up pharmacists have a lot on their plate to run a successful operation, but some daily duties and responsibilities are critical. From setting up a perpetual inventory system to confirming bank deposits and monitoring refunds at the register, details matter when managing …
Inventory Update: Inventory Accounting Under TCJA
The IRS has issued proposed guidance on how independent pharmacies should handle inventory accounting under the Tax Cuts and Jobs Act (TCJA). In this video, Scotty Sykes, CPA, CFP® discusses your options for inventory accounting and some of the considerations you need …
Care Plans: From ‘Nuisance’ to Narrative
Care Plans tell the story of a patient’s complete history within your pharmacy and beyond. More so, they paint a picture of how you as a pharmacist have impacted that patient. However, Care Plans only prove a pharmacist’s value to the healthcare …
Inventory Efficiency During the Pandemic and Beyond
Inventory is one of the largest expenses a pharmacy has. Efficiently managing your inventory is critical for pharmacy profits and growth. In this webinar, Jared Barton of Inventory IQ and Ollin Sykes and Scotty Sykes will discuss: Why inventory management is key …
Accrual vs. the Cash Method of Accounting: Inventory Reporting Risks
After the Tax Cuts and Jobs Act (TCJA), pharmacies have the option to use the cash or accrual methods of accounting. However, the IRS has not clarified the rules for properly reporting inventory under these methods. There are tax advantages under the …
Brands vs. Generics: Manage Your Pharmacy Product Mix
Generic drug sales should make up roughly 85% to 90% of pharmacy scripts, but we find that too many expensive brands and specialty drugs are prescribed. High dollar volume brand sales can seriously impact margins in the long run. Scotty Sykes, CPA, …
Inventory Management
Ollin Sykes, Sykes & Company, P.A. Scotty Sykes, Sykes & Company, P.A. Dave Belinski, Datarithm Find out how inventory management systems help you not only manage your inventory but also increase profits, control your inventory expense and assist in making the transition …
Improve Cash Flow with Inventory Management Best Practices
Ollin Sykes, Sykes & Company, P.A. Scotty Sykes, Sykes & Company, P.A. Jared Barton, Inventory iQ Inventory is one of the largest expenses a pharmacy has. Efficiently managing your inventory is critical for pharmacy profits and growth. In this webinar, we addressed …
The Hidden Problem with Inventory Accounting
Many independent pharmacy owners do not keep a perpetual inventory and are just guessing at their inventory. In this video, Ollin Sykes of Sykes & Company, P.A. explains how to keep up with inventory. A good script management and inventory system helps …
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