It’s necessary if you want to pay your taxes accurately, and to understand the financial workings of your business. Regulatory changes and industry challenges inevitably impact the veterinary profession. From streamlining workflows and automating tasks to enhancing data security and regulation compliance, technology plays a pivotal role in the financial management of a veterinary practice. Making a significant decision includes choosing the right CPA for your veterinary practice. It’s not just about finding someone who understands numbers, but someone who understands the unique financial landscape of the veterinary industry. A profit and loss statement (P&L) summarizes the revenues, costs and expenses incurred during a set time.

• By adding another set of eyes to your bookkeeping it ensures that errors, intentional or unintentional, cannot be made without being discovered by another person.
• Develop a procedure, protocol, and timeline for how you will manage your financial entries.
• There are easy-to-follow set up instructions and our Onboarding Team and Account Managers will guide you along the way.
• The turnover rate for veterinarians varies depending on the position, ranging from 13% for managers to 25% for veterinary technicians.
• For any veterinary practice, tax planning and tax compliance form critical aspects of financial management.
• We know your business inside and out, which means you’ll benefit from our four decades of veterinary management knowledge, experience, and resources.

This will provide you with a clear picture of your cash flow, allowing you to make informed decisions about your practice. These days, many practices use practice management software to increase productivity and effective time management. Connect your practice management software to your bookkeeping software to maximize efficiency. Any transactions you enter into your practice management software will be automatically uploaded into your bookkeeping software, saving you even more time and money.

See where you’re spending. Make smart decisions

We’ll help you understand the financial reality of your practice and how to make more profitable business decisions based on your numbers. All business owners need to maintain extensive records of all financial transactions. Considering the amount of payments veterinary practices both regularly make and receive, an extensive system is needed to maintain accuracy and compliance. The above tips can make this process a little more manageable for you. Beyond the cloud, practice management software (VPMS) improves efficiency and accuracy in accounting and record-keeping within veterinary practices. Practice managers can benefit from digital platforms such as Weave, which help automate the measurement of KPIs and monitoring of business metrics, providing insights for improvement.

Documents and financial statements are collected, stored, and shared on the cloud with 24/7 private access from any device. I will provide you with clear, complete and current financial data on a monthly basis so that you will have the ability to make informed management decisions as you grow your practice. A professional accountant who has passed exams and can provide accounting services to the public. Once we complete our initial review, our expert team will begin developing a plan to bring the bookkeeping at your practice up to date with best practices for the veterinary industry. Enjoy financial stability and peace of mind with the accountants at Reliance Consulting, LLC.

Happy Clients

It’s free for all veterinary practices, and you can begin implementing it in your hospital today. We will take over these duties so you can focus on veterinary medicine and the other practical aspects of running your business. Today, several accounting software systems are available online, such as Xero, while others, like QuickBooks, currently have both online and desktop versions.

• A professional accountant who has passed exams and can provide accounting services to the public.
• The average net profit for a veterinary practice is estimated to be around 10% to 15% for small animal hospitals and 15% to 25% for emergency and specialty practices.
• Small business owners have plenty of options when it comes to their bookkeeping needs.
• Offering employee discounts can contribute to attracting and retaining employees, boosting morale, and increasing staff loyalty.
• We believe a key element of veterinary practice success is grounded in financial control.
• From restaurants to dental and veterinarian practices, and everyone in between.
• One common mistake is not keeping an eye on cash flow—so watch for when checks come in versus when bills go out.

The AVMA—along with many other organizations—recommends the AAHA/VMG Chart of Accounts as the standard chart of accounts for veterinary practices. It applies best-practice accounting standards for classifying revenue, expense, bookkeeping for veterinarians and balance sheet accounts in practice. Do you ever get the feeling that your bookkeeper or tax professional just doesn’t “get” your industry? We provide industry specific services to deliver the best results to clients.

Accounting Tips for the Busy Veterinarian

After signing up for VetBooks, we’ll review your existing bookkeeping practices. Rest assured, we’ll get a sense of our starting point and where you’re at with your current processes. Using veterinary medicine’s best-practice accounting system opens up a world of data for you to leverage. Learn how easily you can make the switch, and why it matters to your business. The bookkeeping company should utilize the American Association of Animal Hospitals’ Chart of Accounts to keep your books standardized to the veterinary industry.