Monthly financial tracking and real-time reports provided by CPAs and practice management software empower veterinarians to make informed financial decisions. Our services are available online, giving you the flexibility you need from your financial professional. We make it easy to track your finances and provide high-level insights that you need to run a rapidly evolving animal services business. We use key financial data to help veterinarians, equine businesses, and others in the animal care industry scale quickly. Our platform simplifies the process of managing your financial data by automating inputs from leading providers, eliminating common errors.
Trust your bookkeeping, income tax prep, and filing to the experts — driven by one powerful platform. If you’re not already using the AAHA/VMG Chart of Accounts, it’s relatively easy to make the switch. You can do it gradually or all at once, depending what seems right for your individual practice. Your bookkeeping firm can typically do it for you in just a few days for a few hundred dollars.
Bookkeeping Services for Veterinarians
Then, help you make the money moves you need to scale quickly while maintaining business sustainability. We are trusted veterinary business advisors for clinics throughout the United States. Because we know how to streamline your accounting process and get results. Remember, all tax deductions must be both ordinary and necessary for your business. Always consult with a professional accountant or tax specialist to ensure you’re correctly claiming all eligible deductions.
Payroll management is a key service of veterinary CPAs, ensuring accuracy in recording team wages and benefits, which forms a critical part of the financial health of a veterinary practice. Managing accounts payable is another significant service offered, which includes tax return purposes, bill paying, and financial statement services. By partnering with a bookkeeper familiar with these industry-specific challenges, veterinary practices can focus more on delivering quality care to their patients while ensuring their financial health. Exploring some real-life case studies can help in fully appreciating the impact of effective accounting strategies. One veterinary clinic, for instance, increased its profitability by switching to a cloud-based accounting system that improved financial data accessibility and accuracy.
Financial standardization in veterinary practices
Profitability and economic sustainability are essential in veterinary practices. A thriving balance sheet keeps the clinic doors open, and supplies exam rooms and labs with state-of-the-art equipment to enhance patient care. Our clients and patients rely on us to stay in business, and that requires healthy finances. 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. Assessing various aspects of a practice’s health and aligning with industry standards require key performance indicators (KPIs), industry benchmarks, and other metrics.
These services are instrumental in effectively managing the financial aspects of a veterinary practice, including veterinary hospitals and animal hospitals. 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, and balance sheet accounts in practice. From streamlining bookkeeping for veterinarians workflows and automating tasks to enhancing data security and regulation compliance, technology plays a pivotal role in the financial management of a veterinary practice. For any veterinary practice, a sound budget serves as a roadmap to financial success. Utilizing a standard chart of accounts and incorporating historical income and expenditure data can establish a structured starting point for creating a veterinary practice budget.
Specialized Bookkeeping & Tax Preparation for Veterinarians, Equine, and Animal Care Services
Derive insights from one central dashboard, allowing you to effortlessly comprehend the financial wellbeing of your veterinary practice and make strategic decisions. At Bench Accounting, we manage your books, leaving you more time to focus on providing top-notch care for your furry patients. The tangible assets for a veterinary practice include veterinary medical equipment, office furniture, and inventory.
