Business Aspects of Buying and Owning a Pharmacy
When you’re thinking about buying a pharmacy, it can be easy to romanticize pharmacy ownership. In this video, Ollin Sykes talks about the pros and cons of owning a pharmacy in your hometown. He also addresses the problems with continuing to run …
How to Improve Pharmacy Profit Margins
Ollin Sykes discusses “numbers with integrity” in pharmacy accounting that, taken together, can improve profit margins. He also shares the number one reason that some pharmacies experience better margins than others. …
Accounting for Your Pharmacy – Beyond the Bank Account
Using your bank account as your pharmacy’s accounting system leaves you in the dark about the true performance of your pharmacy business. Scotty Sykes explains in an issue of ELEMENT Show detrimental this can be for your independent pharmacy. In the article, …
Don’t Get Taxed to the Max
Many independent retail pharmacies are experiencing tighter cash flow and may be paying Uncle Sam more than they are legally required to. Scotty Sykes, CPA at Sykes & Company, P.A. recently shared with America’s Pharmacist four strategies that could benefit your retail pharmacy and …
Compound Your Way to Lower Taxes
How can you lower your taxes and save money through compounding? Scotty Sykes, CPA recently shared how special deductions through the Domestic Production Activities Deduction (DPAD) can benefit independent pharmacies with America’s Pharmacist. In the article, he shared: Eligibility considerations for pharmacies Factors …
Pharmacy Selling Options: Asset Sale vs. Common Stock Sale
When selling an independent pharmacy, a determination needs to be made about whether it will be an asset or common stock sale transaction. Mitigating your tax obligation in a sale takes planning and your entity status will be a factor in that …
2018 Year End Payroll Tips
Are you giving your employees a bonus in 2018? If so, make sure to include those in payroll to avoid IRS penalties. Scotty Sykes, CPA, explains why your pharmacy should include employee bonuses in year-end payroll. Plus, learn what types of gifts …
3 common accounting mistakes of independent pharmacies
Whether you took ownership of your pharmacy three years ago or three decades, you might have fallen victim to one of the three most common mistakes we see again and again in pharmacies. These mistakes impact your cash flow, your margins, and …
