Melody Mann Fox, CPA
Accurate and complete financial recordkeeping is important to any hospital owner, but is also important to those who work with the veterinarian. People both inside and outside the hospital all depend on the accurate recording of financial transactions.
Consider developing a monthly statistical analysis report for your practice. Take a pulse of your practice by understanding the monthly statistics that are important and track them in a comparative format; month to month, year by year.
Budgets should an integral part of your overall financial plan. With budgets in place you are more likely to control the financial destiny of the practice.
Do you divide your staff responsibilities? By dividing responsibilities you reduce the opportunity of potential stealing from your hospital. Basically you should never have one person handle all aspects of a task. For example, the receptionist who handles money directly shouldn't be the person who prepares and makes the bank deposit.
Understanding profitability in a veterinary hospital can be like understanding a Chinese puzzle. Defining profitability can be confusing based upon the entity type.