Pharmacy Growth

Sykes & Company, P.A. Joins NCPA’s CORE Program

Leading Independent Pharmacy Accounting Firm Commits to Supporting the Independent Pharmacy community by partnering with The National Community Pharmacists Association’s CORE Program to provide financial guidance and strategic planning.

Sykes & Company, P.A. Background

For over 40 years, Sykes & Company, P.A. has been the premier accounting firm for independent pharmacies. Working exclusively with independent pharmacy owners of different types and in all stages of ownership including buying, selling, starting and established pharmacies that want to grow, Sykes & Company, P.A. continues to set the standard independent pharmacy.

This 40-year tenure has come with it a reputation that is held in high regard within the industry and is reflected in our core values:

  • Build and enhance relationships with our team and our clients 
  • Be responsive with our team and clients 
  • Have integrity with our team, clients and our work product 
  • Produce the highest quality work product 
  • Practice an approachable and open-minded attitude 

About the CORE Program

The CORE Program from The National Community Pharmacists Association is a revolutionary program that focuses on helping pharmacy owners and their staff get back to the basics in running the operations of a pharmacy:

  • Leadership 
  • Finances 
  • Marketing 

Every week for a year, pharmacy owners and their staff get to collaborate with subject matter experts in all 3 areas as well as take a project with them to implement in their own pharmacy and see their results over time.  

Sykes Involvement the CORE Program

Sykes & Company, P.A. will be the financial subject matter experts in the CORE program, and we will be covering:

  • How to build a fundamental balance sheet and profit & loss 
  • How to understand and read the balance sheet and profit & loss 
  • How cash flow moves within your pharmacy  
  • What key performance indicators you need to focus on within the balance sheet and profit & loss 
  • How to improve those KPI’s  
  • How the tax side impacts my financial performance and cash flow 
  • What are some tax tips for pharmacy owners

Quote from Scotty Sykes, CPA, CFP directly about the CORE Program: 

Running a business is difficult, but running a pharmacy has a unique set of challenges.   

At the heart of every pharmacy is providing excellent patient care, at the same time, it’s vital that you understand everything in your pharmacy from making sure your inventory is correct to working efficiently with third party payors. At the end of the day, a better pharmacy means better patient care.  

The building block of all businesses is accounting, and step one to building a thriving pharmacy, maximizing your opportunities and cash flow is fundamental accounting. Running a pharmacy through a bank account is just not feasible in today’s pharmacy marketplace. Given the current financial climate that pharmacies are facing, pharmacy owners must understand their strengths, weaknesses, and opportunities in their financial situation. 

Pharmacy owners must be well rounded and effective leaders to maximize their business. The NCPA CORE program is designed to mold pharmacy entrepreneurs to be the most well rounded and effective leader they can be for their pharmacy. 

Attendees of the CORE program will know what a fundamental accounting system is, the impacts it has on your pharmacy business, and how to build a fundamental accounting system. We’ll touch on some tax tips pharmacy owners should keep in mind as well to maximize their cash flow. 

Pharmacy is constantly evolving. Pharmacy owners must evolve and adapt to reach their full potential.  Maximizing who you are as a pharmacy owner is step one to reaching the potential that you can be.” 

How to Register For the CORE Program

If you feel like you need to get back to the basics of your pharmacy and better understand finances, marketing and leadership, then the CORE Program is for you.  

Registration is open from now until July 31st . To register, click here or you can contact The National Community Pharmacist Association.  

More Resources on this topic

The Bottom Line Pharmacy Podcast Featuring Scott Pace 

The National Community Pharmacists Association CORE Program 

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