Bookkeeping and Accounting

Hot Seats Monthly - April 14, 2022

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This is the first monthly hot seats since the membership site has launched. In this episode, we have talked about bookkeeping and accounting.

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All right. All right. Hello, Miss Windi. Did you come with any thing you wanted to dive into today?
No, I did not. But you said that the these meetings you sometimes bring people that have like a specific topics, so it’s just gonna listen.
Okay. Yeah, we didn’t have anybody. So the the hot seats are kind of where members can kind of request a the topic or maybe they have something specific. We didn’t get any for this week. So I didn’t have I didn’t have anything. So that’s when we were checking because somebody had said that the link was in the calendar. So that’s why I was busy trying to see but I saw it in there. So
we, I, I got mine from the download when I was on the website. Yep. And then I grabbed the Google Calendar, like, okay, by invite from there and loaded it onto my calendar that way. Yeah. Okay,
perfect. That’s, that’s what I just did. It was it was there. So that’s why I just wanted to make sure that it was that that was working, you know, sometimes technology you never know.
Well, I’ve been working with Mike a little bit and he kind of was like, You should go to all leases things. And I was like, okay, so put them all on the calendar and try to join necessarily have topics right now.
Okay. Um, is there any anything in particular that you’re working on any particular goal that you’re like, This is what I’m working on? Like, right, right now.
Um, you know, I’ve got like, eight or 10 goals. You know, the, one of the big problems I’m working on is I, my bookkeeper messed up my books the last couple of years. I’ve talked to Mike a little bit about it, but I’ve got to hire a new bookkeeper. And like, fix that. So I can’t see a lot of my like data to like, guide me as a business owner. It’s really frustrating. And then that particular accountant, like our relationship is going to end. And they had been doing the bookkeeping, but I have to find a new CPA, and we’re having a, I’ve talked with a couple of the pharmacy ones, but they’re really, really, really expensive. And so I’m kind of struggling with that part.
Yeah, well, I will say that the some of the pharmacy specific ones are going to be probably more expensive than your typical local bookkeeper. But they should earn their money back. Like, I know, with RX advisors, I’ve worked with them. Like on the back end, like we just have a good friendly relationship. And we, we share a bunch of information with one another. And like the the recommendations and the advice that they give you, and the awareness of like what pharmacy owners like can deduct, and how to take advantage of like r&d tax credits, and those kinds of things like they more than pay for themselves. When you get somebody that’s really high quality, like your bookkeeping is where you want to splurge.
So I own a compounding only pharmacy, I have little to no insurance stuff. I mean, maybe like $2,000 a month. So minimal, we don’t even like pay much mind to it or reconcile it, but and we probably should. But the r&d credits they sent me they were like, do this worksheet and there was like, not really anything on it. So I need to sit down and go through like, what things actually count towards r&d credits, so we can go back and refile. But part of my struggle is is that my current the accountant, we’re, we’re like, finishing like ending the relationship. We have been using him for personal taxes also, and my husband, I have two businesses, my husband has one but then he’s got like some other distributions that come to him. And the reason we’re leaving the guy is because there’s like conflict of interest between some of my husband’s stuff in his family and our stuff. So that gets like really complicated. So we’re losing our personal tax accountant also. And so we’ve got to find it. And then the are the, the pharmacy ones I’ve talked to don’t want to do personal taxes. So
yeah, yeah. And I, um, but I mean, just my recommendation would be to get a bookkeeping service, you can always have a CPA file your taxes, like together but at least for the bookkeeping, and kind of I’ll say financial strategy for your pharmacy and like your your specific financials for that. I would, I would recommend somebody just in the pharmacy space, whether it’s arts advisors or Vicki. There’s there’s a couple of them out there that are good.
Who is Vicki? Maybe you could give me her contact info,
Vicki from prestige, bookkeeping. Okay. So she’s just a bookkeeper. She’s not going to file your taxes or anything. It’s just bookkeeping pads.
I think my bigger problem is the bookkeeping right now.
Yeah. Yeah. Vicki dasa is her name and prestige of her at the bookkeeping. And I’ll send you our All Chat. I can look up your email right now. I’ll give it to you real quick.
I’m really sorry for the noise. Is there a lot of noise on my
call or some noise? But no, I’m a mom of four kids. So noise doesn’t bother me. Yeah, there’s there’s like a, like a hammer or something. Sounds like somebody’s breaking down a wall.
Yeah, it’s, uh, I’ll share my video. Like, can I turn it around? Yeah, the pool in Savannah, Georgia. And he’s swimming while I talk.
Oh, yeah. See? That’s kid noise. That’s why I didn’t even like, shake a stick. Okay, I just put it in. Sorry. Sorry, you’re fine. You’re fine. I put it in the chat. And then I’ll also juve, can you make sure to chat, or I’m sorry, not chat, in the chat, grabbed Vicki’s email and email it to Wendy just to make sure that she also has it in her email. And thank you. And, um, so anyways, like, so like arts advisors, like our Redco. So somebody that I recommended to arts advisors, is a compounding only pharmacy. And I he was, you know, something had happened didn’t like, you know, did I forget exactly what happened and why he needed somebody new, I said, hey, check these people out, he ended up going back in the r&d credit. He got like, I don’t know, it was like $30,000 a year was like, on average, like the last two or three years or whatever, like, whatever that came into effect. But talk to several have them do most people will do like a little analysis. It’s not like they redo your whole books. And obviously, if your books are kind of like screwy, but they will least look at it. And they’ll be like, Hmm, I noticed you’re not doing this with your inventory. And I noticed you didn’t do this, like, I can’t believe you don’t have any of that. Like, they’ll at least be able to like point out a few things to you. And they should do that for free. Like it’s just kind of a review or, or like a quick analysis. You know, like I said, they’re not like redoing your books or redoing financials or filing taxes, but you should be able to call up a couple of people and ask them like, hey, review these, like, I feel like we’re missing something or I feel like we’re not taking advantage of all the things and you know,
yeah, I think that that is the case. And I had made my current CPA aware of the r&d credits and talk to him about it. And then I actually thought that he was filing it and when we went looked at it, he hasn’t been and so like, slightly irritated, like a lot irritated with him. And then something that my husband is telling me something about payroll taxes, two that have been extended post COVID. And I don’t think he took those either for me. So I know I need I know that I need to refile. But he told me, like, go calculate out with r&d credits are for each of the different employees. And I don’t really even know how to go about doing that. So I think I need to call him again and ask, like, what kind of activities qualify?
Yeah, you need somebody to kind of walk you through that process. You’re not an accountant, you need somebody to tell you like, where you sit down with them, and you’re like, Okay, here’s my employees, here’s their duties, you know, and you and you talk through it, so that you can arrive to a number that’s both accurate and beneficial to you. And so, yeah, but I would definitely recommend, you know, interview three or four different companies, different people, it’s really important. I think, your accountant, your bookkeeper are some of the most important relationships in your pharmacy, like you just have to jive with these people, you have to trust them. You have to, like there just be some underlying like energy there where you guys are both enthusiastically like working on it. And, you know, I can say that says, like, just two days ago, yeah, two days ago to today’s Thursday, we got a lovely letter from the IRS. You know, we were getting an audit from, you know, several years ago, because that’s the way that it is, you know, so and I’ve had the same tax people for the last several years. They don’t do my pharmacies, it’s my pharmacies are a whole different beast. And, you know, but it’s like, Hey, Kevin, you know, emailing him. It’s like, I know that he was going to respond, he responded, he’s like, send them this. This is pretty basic, like I wouldn’t worry. And you know, but it’s like things are going to happen, whether it’s an error or mistake or something missed or, you know, somebody questions something and it’s just that relationship is absolutely critical. But I love Kevin because even on our personal I’m like you on our personal side, I have a couple of businesses. My husband has a couple Well, we have one joint business together, which a lot of our businesses run under but he gets distributions probably similar like your husband from like many other companies, and our personal taxes are complicated here. Not easy. And I like it when somebody is actually more knowledgeable than me. I don’t like to be the one that’s more knowledgeable. I’m with my previous accountant before Kevin, I felt like I was always telling him like, oh, we should look at this. And oh, we should look at that, because I’m a big fan of Tom wheelwright, which does a lot of tax things. And I’ve listened to him for years. And I was like, Oh, well, what about this, and I was just like, I should not be more knowledgeable than my accountant and telling them stuff. So I feel you,
I understand. So no, I’ll push you that a little harder. I have a meeting with one company to like, look at getting the books cleaned up, because they, we had everything flowing really fine. And then as they decided to prepare me to like, leave and go find another group, they coded the books and redid all of the categorization and they’re not categorized properly. And they have a whole bunch of my, like, cost of goods listed as expenses, which I think really messes you up to see what you’re doing. And when I brought it to their attention, they were super this year when I realized it, because I thought it was fine. And when I realized that they were like super dismissive, and they’re like, it doesn’t matter as long as the profits right? So much does matter. It does matter. And I don’t agree with them. And I don’t know how how to go back and fix it. How much it’s gonna cost. So yeah.
All right. I feel your pain, I feel your pain. Well, there’s anything you know, we can do to help or anything happy to, you know, make other I
think having a name is great. Yeah, having a name is a great thing. So
yeah, cuz there’s, there’s several really good quality firms. And yeah, they’re not the cheapest, there’s some that are more expensive, that I think are a little too expensive. But you know, it’s all about what they do for you. So who am I to say who’s expensive if you know if you love them, so, but there’s definitely some some probably better ones that are gonna serve you better. So, right. Good luck with that. Good luck. Thanks. So where are you? I’m at the pool sounded like you were in a
hotel or something. We’re in Savannah, Georgia. My husband had a business trip. And so we came along with him.
Oh, nice. I haven’t been except the
United Airlines didn’t send her luggage, so to Chicago instead. And we’ve been here, like a little like a day and a half without our stuff.
Oh, no. So now they have to fly back and they like deliver it to you. How long are you there? You’re gonna even be there long enough for them delivered to
you. We have we’re here till Saturday night so that they said it shouldn’t be here in the next couple hours. Oh,
boy. Knock on wood. That has not happened to me, especially with kids. Good Lord.
Well, so my husband flew out on united and I came on Southwest. And so my son brought his own luggage with him on Southwest and it did not get lost. So he has everything that he needs.
Good. Good. Oh, the least that’s good. But oh, fit right.
Except that they said that the only reimburse my husband’s stuff because he was the one that had the airline ticket. So it’s okay. We Yeah, we’ll get along. It should be here soon.
Well, it’s his stuff. Whether it’s you wear it or he wears it. Yeah, you know, it’s like, exactly who’s to say what he likes to wear. You know, we don’t judge on that anymore.
Yeah. Well, it’ll be here soon. And then, so it’ll be fine. But he likes
flowery blouses, you know? Thanks. Oh, goodness, boy. Well, good luck with that. Jeez, Louise. I haven’t been to Savannah, Georgia and a longtime man. That’s good. I like I like that area. Well, nice. Yeah. I don’t want to keep you any longer. If you don’t have anything to talk about. Nobody else does join today. It’s one of those days. But happy to talk about anything else. If you have anything else.
No, not necessarily. I can probably let you go. And then I’ll hop on another call sometime and go through stuff
already. Well, next, the next one is next Tuesday, every Tuesday at 10. And then in a couple of weeks will be our monthly mastermind where we do a deep dive on that topic. And we probably I’m choosing between a couple of topics right now we might have point of care testing or another so but there’s some really interesting topics I want to present to everybody. So we’ll have that finalized in a little bit. But and then please reach out to me anything. Happy to help.
Thanks. Sounds good. Bye. When do you have a great day. Bye

Date: April 14, 2022
Time: 12:00 pm