Classic Video: Managing DIR Fees in Independent Pharmacies
This is a classic video by Ollin Sykes. View our most recent video on how to manage DIR fees. “Direct and indirect remuneration” fees are extremely complex. In this video, Ollin Sykes talks about how many independent pharmacy owners don’t know all …
Meals Expense Update for 2021
Under the Taxpayer Certainty and Disaster Relief Tax Act of 2020, business owners can now deduct 100% of qualifying, business-related meals for tax years 2021 and 2022, but only if those meals are purchased at a restaurant. This special deduction is designed …
Let’s Chat Pt.2 – RBC Cardinal Health, ThoughtSpot 2023, DIR Fees, and ERTC
In this episode of the Bottom Line Pharmacy Podcast, our hosts Scotty, Kendell, and Bonnie take you on a journey through the final leg of their tradeshow travels. Join them as they recount their experiences at Cardinal RBC in Boston, #ThoughSpot Amerisource …
The Impact of Pharmacy Inventory Management on Gross Margins | Sykes & Company, P.A.
Your pharmacy inventory is critical to your gross margins. Learn how to properly manage your inventory to achieve a good industry average gross margin of 22-23%. In this video, Ollin Sykes of Sykes & Company, P.A. discusses inventory management and its affect …
Three Things Your Inventory is Telling You About Profits
Inventory issues in an independent retail pharmacy is crucial to what the income statement and profit and loss statement are going to show, as well as to cash flow. In this video, Ollin Sykes of Sykes & Company, P.A. explains why a …
Tax-Smart Depreciation on Pharmacy Buildings and Equipment
Employing tax-smart strategies for asset depreciation can help pharmacy owners take advantage of tax saving opportunities. In order to do so, it’s important that your real estate and pharmacy accounting is correctly set-up. In this video, Scotty Sykes, CPA, CFP® of Sykes …
Improving Cash Flow With Long-Term Care at Home Featuring Paul Shelton
How can you diversify your revenue sources as an independent pharmacy? What is long-term care at home? How can you improve cash flow in your pharmacy? The reality is, to succeed today as an independent pharmacy, you have to diversify your sources …
The Sleeper Tax Item for Pharmacies in the TCJA
Under the Tax Cuts and Jobs Act, some retail pharmacies can opt to move their accounting from an accrual basis to a cash basis, which could result in adjustments as far back as the 2015 tax year. It is optional, but could …
Let’s Chat – Tradeshow Season, DIR Fees, ERTC and MORE!
Join us as we share our experiences from recent tradeshows and dive into trending pharmacy topics. From DIR fees and ERTC updates to revenue diversification and cash flow management, we discuss real-world challenges and innovative solutions that pharmacy owners need to know. …