Common Mistakes in Pharmacy Accounting

In this video, Pharmacy CPA Scotty Sykes talks about mistakes he frequently sees independent pharmacy owners make with their accounting systems. To begin with, too many pharmacy owners don’t have a solid accounting system. Scotty explains the importance of viewing your accounting as an asset. He also details mistakes owners make with their inventory and problems with tax returns not being reported correctly — including how to communicate with the IRS to correct tax return issues.