Of all the mail you could receive that would put a knot in your stomach, a letter from the IRS is high on the list. Maybe you’ve had cash flow problems, bookkeeping problems, liquidity problems, they can all contribute. But now you have a tax problem. Not just that, you...
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Accounting Tips For Your Business in 2020
Assessing your business’s bookkeeping and financial transactions is imperative to start the new year prepared and aware of the business's financial situation. There are a few things to emphasize at the end of the year that bear more importance then what usually needs to be accomplished. Re-reviewing your current business...
Why Your Small Business Should Hire An Advisor
Ensuring sure your small business has covered all the bases can be difficult when you’re serving as a “jack of all trades”. One of the most effective ways to analyze your business from an objective viewpoint is to hire an outside party. An expert advisor is a professional that is...
Drive Big Savings With Vehicle Bonus Depreciation
The end of the year is often a time for businesses to invest in themselves and take the accompanying tax deductions. It’s the last chance to decrease your 2019 taxes by doing a little holiday shopping for your business. Thanks to Section 179 and this year’s 100% bonus depreciation, buying...
Will Your Pharmacy Survive the Cash Flow Crunch?
One of the biggest causes of pharmacy cash flow issues is inventory. Cash flow is all about cash in, cash out, and having cash on hand when you need to cover costs. As a cash flow problem, inventory cuts both ways.
7 Biggest Legal Loopholes in the New Tax Law for Pharmacy Owners
If you’re a pharmacy owner, you know how challenging it is to keep cash flow and profits strong. Inventory has to be just right, shrink needs to be controlled, and third-party payments can take who knows how long to come in. There are so many external factors out of your...
Do PBMs Help or Hurt Your Pharmacy?
One of the biggest controversies in the pharmaceutical industry is around PBMs. PBMs (short for Pharmacy Benefits Managers) are purchasing organizations that act as middlemen between pharmacies and drug companies. They purchase the drugs in large quantities and supply them to individual pharmacies, similar to wholesalers in most industries.