The Bottom Line Pharmacy Podcast – Building a Competitive Edge
How can an independent pharmacy build a competitive edge in the market by becoming the recommended pharmacy for health care professionals? On this episode of The Bottom Line Pharmacy Podcast, your hosts Bonnie Bond, CPA, and Scotty Sykes, CPA, CFP® are excited …
2020 Employee Retention Tax Credit for Pharmacies
The Consolidated Appropriations Act (CAA), signed into law at the end of 2020, expanded the Employee Retention Tax Credit, which helps businesses struggling economically due to COVID-19 to keep employees on the payroll. Not all pharmacies will qualify, but this video by …
COVID-19 Pharmacy Update: Attracting New Patients
As independent pharmacies offer COVID-19 vaccinations, opportunities to attract and retain new patients increase. Ollin Sykes, CPA predicts that independent pharmacies will see a larger supply of vaccinations into the second quarter of the year, which will provide more growth opportunities for …
Big Box Purchase Offers: Considerations Before You Buy
Purchase offers received from big box retailers can look very appealing. Before signing, pharmacy owners need to consider important factors, such as inventory, prescription files and goodwill. Ollin Sykes highlights these key factors and discusses how to decipher if a purchase offer …
HHS Provider Relief Fund Update and Rural Health Grants Eligibility
There is a 60-day grace period beyond September 30, 2021 for prior HHS Provider Relief Fund (PRF) reporting. In addition, there is one application to receive future pandemic relief funding from $25.5 billion in Phase 4 PRF and a Rural Health Grant …
Inventory Update: Inventory Accounting Under TCJA
The IRS has issued proposed guidance on how independent pharmacies should handle inventory accounting under the Tax Cuts and Jobs Act (TCJA). In this video, Scotty Sykes, CPA, CFP® discusses your options for inventory accounting and some of the considerations you need …
Classic Video: Is Buying a Pharmacy a Good Investment?
This is a classic video by Ollin Sykes. View our most recent video on this topic, Key Mistakes in Buying a Pharmacy. Having worked with prospective pharmacy buyers for decades, we understand how to improve the value of a pharmacy. In this …
Classic Video: The Danger of Being a Passive Pharmacy Owner
In this classic video, Scotty Sykes, CPA, CFP® talks about how passive owners can cause a pharmacy to struggle. A more recent video on proactively managing your pharmacy business can be found here: https://www.youtube.com/watch?v=TWj3lkbBiyQ The most successful independent pharmacy owners are fully …
DIR Fees: Accounting and Tax Treatment
How should pharmacies treat DIR (Direct and Indirect Remuneration) fees from an accounting and tax perspective? Ollin Sykes of Sykes & Company, P.A. explains the complexity of DIR fees. He also shares how to track these fees and keep your pharmacy reporting …
