Do These Two Things Before Selling a Pharmacy
If you’re looking to sell your pharmacy, there are two steps to consider before listing the pharmacy for sale. In this video, Ollin Sykes, CPA discusses the importance of having your accounting system in order to ensure accurate financial information. The second …
Managing Your Pharmacy’s EIDL Program Funds
If your pharmacy was approved for an Economic Injury Disaster Loan (EIDL) through the Small Business Administration, what’s next? As funds are dispersed, pharmacies must carefully manage and document use of these funds to remain in compliance with the loan terms. Eligible …
How to Buy a Pharmacy Business Series: Dispensing Logs
Before buying pharmacy assets or signing a lease, review the data from script management systems and dispensing logs. Ideally, a three or four-year history of that information can tell you many things about acquisition costs, new scripts to total fills and margins …
Pharmacy Trends Update
With the urgent need for additional pharmacy services during the pandemic, successful independent pharmacies are realizing the potential value of going beyond scripts and adding new patient services and products. This diversification of revenue can support your pharmacy’s bottom line IF you …
Big Box Purchase Offers: Advisors You Need
Independent pharmacy owners have a lot to consider when receiving purchase offers. Ollin Sykes discusses the importance of two professional advisors that independent pharmacy owners will want to connect with when receiving offers to sell the pharmacy. Watch this video to learn …
Financial Essentials: Year-End Pharmacy Accounting Strategies
Scotty Sykes, CPA joined Tricia McCleskey at PioneerRx to host a webinar, Financial Essentials. In this webinar Scotty and Tricia talk through important steps to take when preparing your pharmacy for 2021 and how fundamental accounting can support where you want your …
Your Top Pharmacy Bookkeeping Issues
What are the top pharmacy bookkeeping and accounting issues that independent pharmacy owners should be aware of? Ollin Sykes, CPA, shares three key issues to consider, including monitoring and reconciliation of third party receivables, having a solid inventory system in place and …
What You Need to Know About DIR Accounting
What does an independent pharmacy owner need to know about DIR accounting? In this brief video, Ollin Sykes, CPA, of Sykes & Company, P.A. discusses DIR (Direct and Indirect Remuneration) fees and how to properly record DIR fees. He explains how to …
Federal Tax Filing and Payment Extensions to July 15, 2020
With many questions surrounding the extended federal tax filing and payment extensions to July 15, 2020, especially with many state deadlines differing, this video offers a few insights on what pharmacists should know. Ollin Sykes, CPA.CITP, CMA, provides a brief overview of …
Tax Planning 2020: What It Is and Why You Need It
Whether your pharmacy business is just getting started or if you expect to take a business loss in 2020, proactive tax planning can save you significantly this year or the next. By looking at your financial statements, your P&Ls, estimated tax payments …