Client Testimonial: TW Taylor
The Williamsburg Drug Company, Williamsburg, VA When TW Taylor began working with Sykes & Company, P.A. in early 2017, it was to purchase his two pharmacies that make up The Williamsburg Drug Company. After the purchase, TW quickly entrusted the firm with …
Federal Tax Filing and Payment Extensions to July 15, 2020
With many questions surrounding the extended federal tax filing and payment extensions to July 15, 2020, especially with many state deadlines differing, this video offers a few insights on what pharmacists should know. Ollin Sykes, CPA.CITP, CMA, provides a brief overview of …
Tax Planning 2020: What It Is and Why You Need It
Whether your pharmacy business is just getting started or if you expect to take a business loss in 2020, proactive tax planning can save you significantly this year or the next. By looking at your financial statements, your P&Ls, estimated tax payments …
Pharmacy Start-Up Costs: Biggest Mistakes in Year One
Start-up pharmacists must pay full attention to getting patients and customers in the door and building relationships with prescribers. Keeping cash flow positive is job one, especially in the first six months of your start-up. The start-up pharmacist can achieve this by …
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 …
Pharmacy Start-Up Costs: Financing
There are significant financing requirements to start a pharmacy business. Ollin Sykes, CPA and Bonnie Bond, CPA of Sykes & Company, P.A. discuss the minimum investment needed and why a pharmacy niche bank is important to the success of your pharmacy. Pharmacy …
Pharmacy Start-Up Costs: Entity Selection and Timing
There are several steps to opening a start-up pharmacy, the first one being entity selection. The entity must be chosen before the owner can obtain a federal ID number. For most start-up pharmacies, the go-to entity is an LLC with an S …
Growing your Pharmacy through Medical Services
In this webinar, Ollin Sykes and Scotty Sykes discuss with David Roth, CMO, and Jason Ausili, Chief Clinical Officer, of FDS Inc. the update on legislative changes from HHS and what pharmacies are doing to set up and increase growth of their …