The Dangers of Using Your Bank Account As Your Accounting System

In the past, independent pharmacy owners may have used their bank balance to tell them the health of their pharmacy. In this video, Scotty Sykes explains why this is not an effective way to manage your pharmacy accounting—especially given today’s tight margins. Scotty talks about the importance of using an accrual system instead of a cash system. He explains why your bank account doesn’t give you the full picture and why a high cash balance can be misleading.

Here is how to get the most from your pharmacy CPA.