Taking A Closer Look at Accounting for Veterinarians
Your accounting system is your method for capturing and categorizing all the inflows and outflows of your practice.
Why do you care if it all boils down to money-in and money-out? Because you can only improve your practice if you know which avenues are bringing in and keeping the most favorable clients, and which expenses are out of sync with the revenue produced from them. Because you have to have everything in order when Uncle Sam holds out his cup each year. Because good information leads to good decision-making!
In this comprehensive guide, we cover the full spectrum of accounting concerns for veterinary practices. We provide information for thinking about how to design your accounting system, how to develop a chart of accounts specific to your veterinary practice and how to create veterinary financial statements, including sample statement data.
In this guide, you will learn more about:
- Designing Your Accounting System
- How to Develop Your Chart of Accounts
- Accelerated Vs. Straightline Depreciation
- Choosing Between Calendar and Fiscal Year Accounting
- Evaluating In-house vs. Outsourced Accounting
- Formatting Your Balance Sheets
- Formatting Your Income Statements
- Formatting Your Statement of Cash Flows
- Profits vs. Cash Flow
- Veterinary Accounting KPIs and Benchmarking
Veterinarians hold a very dear spot in our hearts. Believing in the credo “Reverence for all,” we have a strong passion to help those that live and serve this creed. As a veterinarian, you have chosen a career that brings you great admiration in our eyes and deep appreciation in the sweet eyes of all your patients. To that end, it is our passion to help you in any way we can.
We hope you find the information in this guide to be practical and useful. If you have any feedback or questions, please do not hesitate to get in touch.