Why You Need a Pharmacy Specific CFO
Growth increases the complexity of pharmacy accounting. This makes working with a CFO with pharmacy experience critical for your independent pharmacy’s continued growth. CFOs with pharmacy experience understand the metrics and pharmacy KPIs. In this video, Scotty Sykes, CPA, shares the benefits …
Why Mature Pharmacies Need Transaction Advisory Services
Who are the advisors that a mature pharmacy should have on hand to support growth? In this video, Ollin Sykes, CPA, discusses the transaction advisors that mature pharmacies should be sure to have on their advisory team, beginning with a pharmacy CPA. …
Pharmacy Advisory Services Promote Growth
We continue our conversation about the pharmacy advisory team you need during the start-up pharmacy phase. In this video, Ollin Sykes CPA, discusses who your start-up pharmacy should have in place to succeed. Learn which advisors must be on your team to …
Why an Advisory Team with Pharmacy Know-how is Critical in Every Stage of Ownership
A start-up pharmacy has different needs when it comes to which advisors work with you. Who are the pharmacy advisors you need during the start-up pharmacy phase? This video describes the advisors that a start-up pharmacy needs, including legal healthcare advisor to …
Using Script Audit Logs When Analyzing Pharmacy Cash Flow and Profitability
Comparing your script audit logs to your financial statements can help you understand the financial position of your pharmacy. If your pharmacy is in growth mode, your new scripts will be around 50% or more of your total scripts. In this video, …
Section 199A Qualified Business Income Guidance
Early this year, the IRS finalized guidance on Section 199A, which impacts independent and community pharmacies. There are still considerations if your pharmacy revenues are above a certain threshold. In this video, Scotty Sykes shares more information about the Section 199A qualified …
The Hidden Fee That Affects Accurate Revenue
Direct and Indirect Remuneration (DIR) fees are only recently being recognized by script management systems and it’s critical that pharmacy owners engage with a pharmacy specific accountant. In this video, Ollin Sykes of Sykes & Company, P.A. discusses why it’s important to …
How to Consistently Improve Your Gross Margins
Achieving a good industry average gross margin can be challenging when managing the expenses the independent pharmacy owner is faced with. In this video, Scotty Sykes of Sykes & Company, P.A. discusses what you can do to consistently improve your gross margins. …
Managing Labor Costs in an Independent Pharmacy
Next to cost of goods, labor costs are usually the second largest expense for an independent pharmacy. Labor costs should be no more than 10.5% of a pharmacy’s revenue and can cut into margins quite significantly if not measured and controlled. In …
