Trends in Pharmacy Services That Are Changing the Industry
Ollin Sykes, CPA of Sykes & Company, P.A. introduces how successful pharmacies are leveraging technology and expanding their service focus to go beyond just filling scripts to proactively supporting the wellbeing of customers. Learn about clinical services and data mining to anticipate …
How Can KPIs be a Predictor of Cash Flow?
Do you know which key performance indicators (KPI) are the best predictors of cash flows? In this video, Ollin Sykes of Sykes & Company, P.A. explains how a pharmacy’s biggest KPI is the current ratio which should be in 2.5 to 3.5 …
Delegating Office Work to Your Pharmacy Team
An independent pharmacy owner needs to focus on the business by exploring new business opportunities and caring for patients, but too often the pharmacist is spending time with payroll and bills. Delegating certain tasks to a tech or other staff member can …
Accrual vs. the Cash Method of Accounting: Inventory Reporting Risks
After the Tax Cuts and Jobs Act (TCJA), pharmacies have the option to use the cash or accrual methods of accounting. However, the IRS has not clarified the rules for properly reporting inventory under these methods. There are tax advantages under the …
Frequently Asked Questions by Pharmacists About PPP Loans
While fielding your questions and requests for assistance, we created this video as one more resource for independent and community pharmacists — answering your most frequently asked questions about the PPP program and more. Scotty Sykes, CPA, CFP ® questions Ollin Sykes, …
PPP Loan Guidelines for Future Funding
The first round of appropriations for the Paycheck Protection Program (PPP) is depleted, according to the SBA, but there are expectations for another round of federal funding. In this video, Ollin Sykes, CPA.CITP, CMA, and Scotty Sykes, CPA, CFP,® talk about aspects …
PPP Loan Payroll Calculation for Pharmacies
If you have not yet applied for the Payroll Protection Program loan, eligible pharmacy businesses are still encouraged to submit an application to their local, participating or pharmacy niche banker. In this video, Scotty Sykes, CPA, CFP,® outlines the steps to calculate …
Factors in Determining Star Ratings
As you probably already know, DIR fees are the third largest expense in any independent pharmacy. Did you realize that Star Ratings have a direct impact on these fees? In this video, Ollin Sykes, CPA discusses what factors impact your Star Ratings …
Avoiding Burnout as a Pharmacy Owner
Burnout occurs when an independent pharmacy owner is trying to take on all the back-office functions in a pharmacy, including payroll and accounting. Delegating these tasks can help alleviate signs of burnout and provide the owner with more time to serve patients, …
Optimize Your Pharmacy’s Third-Party Reconciliation
Delays in third-party payments lead to delays in reconciliation and posting of payments to your pharmacy’s chart of accounts. There are several points in the accounting process where third-party payers, bookkeeping and your third-party reconciliation approach can be assessed and optimized for …