Four Common Tax Mistakes in Pharmacies
Are your independent pharmacy’s taxes correct? You may be paying more than you should. Watch the video below, covering common mistakes made in the Form 199A, accrual to cash accounting issues, writing off inventory and not deducting items such as insurance expenses. …
Trends for DIR Fees in 2018
Direct and indirect remuneration (DIR) fee increases are being implemented in 2018, but may be retroactive to 2017 in some cases. In this video, Scotty Sykes, CPA of Sykes & Company, P.A. discusses the trends in DIR fees for 2018 and what types …
Trends in Pharmacy Services That Are Changing the Industry
Ollin Sykes, CPA of Sykes & Company, P.A. introduces how successful pharmacies are leveraging technology and expanding their service focus to go beyond just filling scripts to proactively supporting the wellbeing of customers. Learn about clinical services and data mining to anticipate …
How Can KPIs be a Predictor of Cash Flow?
Do you know which key performance indicators (KPI) are the best predictors of cash flows? In this video, Ollin Sykes of Sykes & Company, P.A. explains how a pharmacy’s biggest KPI is the current ratio which should be in 2.5 to 3.5 …
Delegating Office Work to Your Pharmacy Team
An independent pharmacy owner needs to focus on the business by exploring new business opportunities and caring for patients, but too often the pharmacist is spending time with payroll and bills. Delegating certain tasks to a tech or other staff member can …
Top Legal Issues Impacting Your Pharmacy
Ollin Sykes, Sykes & Company, P.A. Scotty Sykes, Sykes & Company, P.A. Jesse C. Dresser, Esq., Frier Levitt Legal matters not only impact your pharmacy operations, but they also impact your bottom line. This webinar discussed the top legal issues as they …
Cloud Based Accounting for Pharmacies
The most successful independent pharmacies are taking full advantage of accounting innovation. Scotty Sykes of Sykes & Company, P.A. shared with America’s Pharmacist how today’s accounting systems can help pharmacies address the challenges they are facing, such as cash flow issues, tax and regulatory …
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 …
Master the Margin: Improving Profitability and Customer Service Levels Through AI
Advanced pharmacy technologies can now maximize the benefits of your inventory investment and improve your independent pharmacy inventory management. Reducing your inventory on the shelf and still providing optimal service to patients can be a win-win for cash flow. In this Master …
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 …