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Unleashing Accounting Excellence in Veterinary Practices

Unleashing Accounting Excellence in Veterinary Practices

Behind every thriving veterinary practice is a well-organized and efficient accounting office. In the fast-paced world of animal care, a properly managed accounting department plays a crucial role in maintaining financial stability, optimizing profitability, and ensuring regulatory compliance.

Despite technological advancements and automation, many practice owners still grapple with a lack of timely, accurate, and consistent financial reporting. These shortcomings can make it difficult to make informed decisions and gauge the practice's true financial status. A number of practice owners do the bookkeeping themselves, which is often unsustainable, especially as the practice grows.

The good news is that the evolution of technology, coupled with the advent of AI, has resulted in innovative solutions specifically tailored for small businesses. These tools not only automate payroll and bookkeeping processes, they also bring about a significant increase in efficiency.

Reasons to Consider Outsourcing Accounting

The need for precise, up-to-date financial information has never been more critical. Prospective buyers and associates seeking to buy into a practice or participate in a succession plan require clear, organized financial data to make informed decisions. The cleaner and more transparent the information, the higher the confidence in your practice, ultimately leading to better outcomes.

Efficient, accurate accounting and bookkeeping is paramount to achieving your professional and personal goals. It is important to be proactive in handling financial affairs, ensuring accurate books and regular reviews at least three to four times a year to make informed decisions in your practice. The increasing costs and scarcity of quality bookkeepers also make outsourcing an attractive option. Outsourcing has become more affordable than ever thanks to automation, making it an attractive option for many.

The advantages of automating your financial processes are numerous. It leads to timely and accurate data, efficient staff management, proactive tax planning, and more time for patient care. When it comes to payroll, the choice between internal and external providers depends on the specific needs of your practice.

Benefits of Outsourcing Accounting

1. Cost Savings

  • By outsourcing, you eliminate the need to pay benefits and worry about turnover.
  • Companies that specialize in these services have a long history and are likely to be around for many years to come, providing stability and reliability.

2. Time Savings

  • Free up personal or clinical time to focus on generating more revenue or simply enjoying a better work-life balance.

3. Resource Optimization

  • Shift your existing resources to areas where they are needed most, such as the front desk or other management roles.

4. Enhanced Accuracy and Consistency

  • Imagine having your bills paid, bank statements reconciled, and all your information imported and summarized each month with consistency and accuracy.
  • This standardized approach will allow you to benchmark your practice against the industry and your peers, identifying areas for improvement and increased profitability.

5. Valuable Reporting

  • Outsourced accounting provides valuable reports that can be used for proactive tax planning, timely purchasing decisions, and even to attract potential buyers or associates.

Next Steps

If outsourced accounting might be right for your practice, the following steps will help you determine the best way to approach outsourcing.

  • Evaluate your current process with a fresh set of eyes to determine what changes can be made.
  • Identify pain points/opportunities that if corrected will “move the needle” and make your practice more attractive and valuable.
  • Involve your trusted advisors.
  • Look ahead at least 3-5 years and consider potential future transitions.

Outsourcing your accounting and bookkeeping can save you time and money, while also providing you with accurate, consistent, and valuable reporting that will ultimately lead to a more successful and profitable practice.

If you are interested in outsourcing your bookkeeping or accounting tasks, contact SVA today.

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Biz Tip Topic Expert: Andy Slinger, CPA

Andy Slinger, CPA

Andy is a Principal with SVA Certified Public Accountants and focuses on the dental, veterinary and healthcare industries. He works with practices to manage their financial matters and set short and long-term goals.

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