What is the difference between cash and accrual basis of accounting?How does this affect the Deferral of Income and Acceleration of Expenses

What is the difference between cash and accrual basis of accounting?How does this affect the Deferral of Income and Acceleration of Expenses

Cash Basis- follows the flow of cash so expenses are deductible when paid and income is reportable when constructively received. Accrual Basis – matches revenue and expenses as expenses are deductible when incurred and revenues are reportable when earned even if not received.  Accrual basis businesses: Ultimately the basis of accounting influences when income and…

Are You Running Your Practice Like a CEO? Mindset Shifts for Veterinary Owners

Are You Running Your Practice Like a CEO? Mindset Shifts for Veterinary Owners

Owning a veterinary practice often starts with a love for animals and a passion for medicine. However, as your practice grows, the reality sets in that you’re not just a veterinarian, you are also a business owner. To truly succeed, you need to make a critical mindset shift and run your practice like a CEO….

Beyond Tax Season: How Year-Round Advisory Services Help Veterinary Practices Grow

Beyond Tax Season: How Year-Round Advisory Services Help Veterinary Practices Grow

When most veterinary practice owners think of their CPA, they think “tax season.” Maybe you scramble to get your financials in order once a year, send them off, and breathe a sigh of relief when your tax return is prepared and filed, but what if your accountant could be doing much more for your practice…

How to Build a Business Plan for Your Veterinary Practice (That You’ll Actually Use)

How to Build a Business Plan for Your Veterinary Practice (That You’ll Actually Use)

When it comes to veterinary practice ownership, most veterinarians are deeply passionate about medicine, but are less excited about business planning. Traditional business plans can feel overwhelming, dry, and disconnected from the day-to-day realities of running a veterinary practice. However, a business plan doesn’t have to be complicated or gather dust on a shelf. A…

What are some key performance indicators (KPIs) for veterinary practices?

What are some key performance indicators (KPIs) for veterinary practices?

Running a successful veterinary practice isn’t just about providing excellent medical care, it is also about keeping a close eye on the business side of operations. One of the best ways to do that is by regularly monitoring key performance indicators (KPIs) tied to your Profit & Loss statement and Balance Sheet. These KPIs help…

Top Financial and Nonfinancial Mistakes That Hold Veterinary Practices Back (and How to Avoid Them)

Top Financial and Nonfinancial Mistakes That Hold Veterinary Practices Back (and How to Avoid Them)

Owning and operating a veterinary practice is one of the most rewarding careers out there, but it’s also one of the most stressful. It’s easy to feel stretched thin juggling patient care, client relationships, team management, and business demands. While all practice owners focus heavily on patient care many are challenged by financial success. A…