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 …
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 …
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 …
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 …
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 …
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 …
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, …
- 1
- 2
