Independent Pharmacy Accounting, Pharmacy Accounting, Inventory Issues

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 pharmacist should pay attention to their inventory as it relates to three things: gross margin, the number of inventory turns per month/year and cash.

A pharmacist has a minor effect on the cost of goods sold. Watch to the end to hear Ollin’s tips on contracts and looking at secondary wholesalers.

Does your independent retail pharmacy achieve industry average gross margins? Find out in this video!

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