5 Ways to Diversify Services in Your Pharmacy
As the coronavirus disease 2019 (COVID-19) hits record levels in many cities, pharmacists play an integral role supporting nationwide vaccinations. Times like these serve as perfect opportunities to discuss pharmacy service diversification. In community and independent pharmacies, additional services can make a …
Federal Reserve – Main Street Lending Program
Another provision within the CARES Act is the Main Street Lending Program which is designed for small and medium-sized businesses. This program is different from the Paycheck Protection Program, or PPP, that has taken the small business community by storm these past …
Scotty Sykes, CPA, CFP® Creates Continuing Education Curriculum for NCPA
For the December 2021 issue of America’s Pharmacist, the premiere publication of the National Community Pharmacists Association (NCPA), Scotty Sykes, CPA, CFP® wrote a whitepaper about the fundamentals of a sound financial and accounting system. Sykes & Company, P.A. is a frequent …
Pharmacy Business Meals & Entertainment
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act. This Act completely reformed many areas of tax law including meals and entertainment rules. These rules will impact just about every pharmacy in the industry, and they …
Safe Harbor Certification For Small PPP Loans, But Document Use Carefully
When applying for the Paycheck Protection Program, every applicant had to certify that the “current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant.” No one knew exactly what this meant, therefore, our suggestion was to …
Early Insights on the PPP Loan Forgiveness Application
On May 15, 2020, The Small Business Administration (“SBA”) in conjunction with the Department of the Treasury released the Paycheck Protection Program (“PPP”) Loan Forgiveness Application along with detailed instructions. Download the application here. The application is thorough, resembles a tax return …
CARES Act $30 Billion in Provider Relief
Stepping away briefly from the PPP and EIDL loans that have captured many pharmacy owner’s attention these past several days, the CARES Act includes $30 Billion in relief funds that the Department of Health and Humans Services will release to hospitals and …
Financial Relief for Medicare Providers – Accelerated and Advance Payment Program
The Centers for Medicare and Medicaid Services (CMS) has expanded its Accelerated and Advance Payment Program for Medicare participating doctors, hospitals, durable medical equipment suppliers and other Medicare Part A and Part B providers and suppliers. The program is designed to increase …
Pharmacy Accounting: Three Tips to Manage Payroll Expenses
How do you keep a lid on pharmacy payroll costs when wages are rising to attract and keep talent? Pharmacy advisor Katie Musorofiti, CPA shares three ways that independent pharmacists can manage these costs and improve cash flow. She recently published her …
