Bookkeeping & accounting for veterinarians
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. 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. Each month, your dedicated bookkeeper arranges your veterinary clinic’s transactions and compiles financial reports. If they require any further information from you, they will promptly make contact. I am physically located in Kansas but I provide virtual bookkeeping services to veterinarians across the US.
- 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.
- We make it easy to track your finances and provide high-level insights that you need to run a rapidly evolving animal services business.
- For any veterinary practice, a sound budget serves as a roadmap to financial success.
- Believe it or not, a good veterinary accounting system is integral to both.
- Offering employee discounts can contribute to attracting and retaining employees, boosting morale, and increasing staff loyalty.
- Better financial management and a more streamlined process is the key to making business decisions confidently.
- Depending on the number of patients and different animal species you serve, as well as your practice modality, your biggest expenses might be different from these.
Most veterinary practices use QuickBooks or another accounting program to track expenses. If you’re trying to understand your finances, start with your accounting software and figure out how to make sense of it. (Hopefully yes!) Figure out what your numbers are telling you and then decide what changes need to be made. One common mistake is not keeping an eye on cash flow—so watch for when checks come in versus when bills go out. Meru Accounting offers comprehensive accounting and bookkeeping services customized specifically to the unique demands of the veterinary services industry. Our seasoned professionals ensure accurate recording of transactions, prompt financial reporting, and adherence to regulatory standards.
How Bench works with veterinarians
With everything in order, you’ll no longer have to sweat the small stuff. With VetBooks, you can finally look at the big picture of your practice and start planning for your future with confidence. Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable. Get bookkeeping, tax prep, advisory, and filing with Bench’s powerful, easy-to-use platform. By providing you with clear, complete and up-to-date financial information on your practice, you will be prepared to make informed management decisions to grow your practice.
At Bench Accounting, we manage your books, leaving you more time to focus on providing top-notch care for your furry patients. The vast majority of our clients are small and mid-sized business owners in Wisconsin, but our services are 100% virtual and available nationwide. Schedule a free 30-minute consultation at one of our offices in Milwaukee, Brookfield, or Madison, or meet with us virtually. We’ll explain how our process works, including pricing, and how we can help your veterinary practice. Accounts receivable is money owed to a business for a product or service. Money may be owed to a clinic for more than one reason, including a postdated check that bounces.
Take control of your finances,
Less obvious expenses include hiring a CPA, certified public accountant, to help with budgeting; a lawyer for legal advice; donations of supplies to local shelters; insurance payment;, and continuing education expenses. If a doctor generates around $156 per invoice and sees an average of two patients an hour, the revenue would more than cover the cost of a good bookkeeper. Set up your business bank account to automatically transfer transaction information to your bookkeeping software. No more manually entering each transaction or wondering that you could have missed certain transactions, resulting in an inaccurate depiction of your cash flow. Exploring some real-life case studies can help in fully appreciating the impact of effective accounting strategies.
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. Our flexible veterinary accounting services provide CPA-ready books, financial reporting and as much support as you need.
Fast & On Demand Client Service
It will be much easier for you to reconcile each transaction on a weekly basis now that your bank account is automatically uploading transactions into your bookkeeping software. This will provide you with a clear picture of your cash flow, allowing you to veterinary bookkeeping make informed decisions about your practice. We use key financial data to help veterinarians, equine businesses, and others in the animal care industry scale quickly. Regulatory changes and industry challenges inevitably impact the veterinary profession.
