When it comes to veterinary practice management, understanding revenue and expenses is important, but it’s not enough. Many practice owners assume that if they are profitable on their P&L (profit and loss), they must have healthy cash flow, but unfortunately, this is not always true. Cash flow forecasting is a vital tool that goes beyond…
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…
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….
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…
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…
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…
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…
All CBAS business advisory services include tax planning. Taxes can be the most expensive side of running a business. Make sure all areas, such as payroll, sales, property, mercantile, and other taxes, are systemized and paid timely. While compliance taxes must be addressed, income taxes are where the practice has the biggest influence over what…
No matter the size of the practice, it is paramount to establish an employee handbook in order to consistently and fairly administer benefits as well as to lay the ground rules for employee expectations. The following is a high-level outline of topics usually covered in an employee handbook: Introduction: includes welcome, purpose, and what the…
Standard Operating Procedures (SOPs) are step-by-step guides that ensure consistency, efficiency, and accountability in daily operations. By documenting and standardizing tasks, SOPs empower staff to work independently, streamline training for new hires, and free up doctors and office managers for higher-level responsibilities. Well-implemented SOPs benefit everyone in the practice by reducing errors, improving patient care,…
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