In addition to bookkeeping, we also offer full-service veterinary payroll processing as a separate, competitively priced service. We provide a range of services, including direct deposit, tax impound and remittance, employee portals, and QuickBooks ProAdvisor W2 preparation, all with a personalized touch. Did you know that the average veterinary practice (per doc) regularly incurs operating expenses totaling over $64,000 PER YEAR?
Financial Record-Keeping and Documentation
Most of our clients find they spend LESS on bookkeeping after starting a partnership with us. We use cloud-based accounting software to ensure clients’ financial records are accurate and up-to-date. These platforms allow for the seamless recording of financial transactions. By automating data entry, we reduce the risk of errors and inconsistencies.
FREE Veterinary Industry Benchmark Report
- The most effective budgets are built from accurate financial data and meticulous books.
- If you’re ready to take charge of your practice’s finances, contact our team or schedule a short meeting with us.
- Not tracking how payroll compares to revenue in each department can mask underperformance.
- Effective tax planning can free up resources, allowing your practice to reinvest in growth and continue providing high-quality care to animals.
- Inventory Control & Loss PreventionA sometimes overlooked area in veterinary accounting, inventory control and loss prevention are critical to any businesses success, including yours.
- This is because the service has not yet been provided, and thus, the practice owes a service to the client.
VetBooks is a bookkeeping service designed to help veterinarians improve their practice by enabling them to better understand and manage their finances. Better financial management and a more streamlined process is the key to making business decisions confidently. normal balance Veterinary bookkeepers bring specialized knowledge that goes beyond basic accounting. Their expertise lets vets focus on patients while ensuring the practice’s financial health stays on track.
Offering Flexible and Transparent Services
We offer everything your practice needs to manage your books including online accounting and bill paying solutions. We’ll clean up your books, establish a perfect chart of accounts and ensure you’re setup correctly. The VetBooks team shares insights from practice consultant Brenda Tassava Medina, CVPM, CVJ, VLCE, to help you master veterinary practice budgeting in the new year. When you know that someone who has a thorough understanding of veterinary medicine is taking care of your books so you can relax and focus on practicing veterinary medicine. Pick someone easy to reach, ready to guide, and fast in fixing any issues. The best veterinary accounting pros work with tools like QuickBooks, Xero, or cloud apps.
Accounts Receivable and Accounts Payable:
- A well-structured chart of accounts for veterinary practices should categorize revenue (surgery, wellness exams, boarding, pharmacy sales), expenses (supplies, lab fees, payroll), and assets clearly.
- By partnering with us, veterinary practices can also benefit from retirement planning and business consultation, all designed to support long-term success and growth in a competitive industry.
- The average net profit for a veterinary practice is estimated to be around 10% to 15% for small animal hospitals and 15% to 25% for emergency and specialty practices.
- Our experienced team understands the unique financial challenges of the veterinary industry and is dedicated to helping you streamline your operations and make informed financial decisions.
- Let us sit down and teach you the best way to set up your software, making your operations run more smoothly, from day-to-day to end-of-year.
- Additionally, when new services are introduced, they must develop price models that suit these offerings, adjusting bookkeeping to encompass different revenue streams.
Schedule a free 30-minute consultation at one of our offices in Milwaukee, Brookfield, or veterinary bookkeeping Madison, or meet with us virtually. We’ll explain how our process works, including pricing, and how we can help your veterinary practice. Yet most accountants are generalists – they simply don’t know all the hidden opportunities and pitfalls of running a practice. We know your business inside and out, which means you’ll benefit from our four decades of veterinary management knowledge, experience, and resources. We believe a key element of veterinary practice success is grounded in financial control.
Managing Financial Transactions
Cloud-based accounting systems eliminate the need for complex installations, hardware upgrades, and ongoing maintenance, reducing time and cost investments. Our outsourced bookkeeping & CFO services are available anywhere in or outside of Wisconsin. From our offices in Milwaukee, Madison and Brookfield we primarily serve businesses located in and around Milwaukee, Dane, Ozaukee, Washington and Waukesha counties. Your bookkeeping will always be up-to-date so that when you need to apply for a loan, file your taxes, or make sound financial decisions, your data will be available and accurate. A way to measure how much money a company is making before considering certain expenses.