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 …
Maximizing Your Largest Expense – Inventory
Owning an independent pharmacy is not easy. Pharmacy owners have misreported inventory by millions of dollars, says Scotty Sykes, CPA, CFP®. Jared Barton of Inventory iQ* tells us how we can rectify the situation by putting the time and effort into the …
The Three Most Important Accounting Inventory Issues
Does your pharmacy have — and use — a perpetual inventory system? Ollin Sykes provides an overview of what pharmacies should do weekly to properly manage inventory, including downloading your primary acquisition cost information and how to monitor acquisition costs in the …
Trends In Perpetual Inventory Practices
In this video blog, Ollin Sykes of Sykes & Company, P.A., talks about why it’s important for independent pharmacy owners to have a perpetual inventory system that’s kept up to date. What are other trends in pharmacy accounting? Learn about the rise …
The Impact of Pharmacy Inventory Management on Gross Margins | Sykes & Company, P.A.
Your pharmacy inventory is critical to your gross margins. Learn how to properly manage your inventory to achieve a good industry average gross margin of 22-23%. In this video, Ollin Sykes of Sykes & Company, P.A. discusses inventory management and its affect …
Four Pharmacy Accounting & Tax Tips
Proactive accounting throughout the year is one of the best tax planning strategies for your independent pharmacy and will save you money and stress. Scotty Sykes, CPA at Sykes & Company, P.A. shared with Pharmacy Times a few key areas that can help …
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 …
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 …
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 …
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 …
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