Finance

Jerry Vandever sat across the table from his accountant. Herbert Johnson, CPA, had been an accountant for many years and was looking over the tops of his reading glasses at the file for Patch-a-Pet Animal Hospital.

Examination is 50 percent of the work of our profession. Examination is the key to our success or failure in the pursuit of our profession. Examination is the most botched up service performed by fully 50 percent of our colleagues in both its qualitative and quantitative aspects.

For the second time in two years, our lawmakers have created federal tax cuts designed to spur business investment. However, despite record-low interest rates, affording the funds many veterinarians require in order to acquire the property and equipment to take advantage of those tax cuts has never been harder. Into the breach has stepped the U.S. Small Business Administration.

Finding the right job takes planning; know what you want personally, professionally for longevity, satisfaction

Five years ago Pet Care Hospital in Plano, Texas, opened a doggie daycare service and the practice, clients, and dogs continue to reap the rewards. "Clients take home tired dogs, worn out from a day full of play and exercise. And over the long-term, the daycare builds the dogs' self-confidence so they aren't fearful," says Jill Vincent, a certified trainer who runs the daycare as well as the practice's dog-training classes.

State and local governments are focusing on stricter enforcement and higher fees to meet budget shortfalls. At the same time, the principals in many veterinary practices are discovering just how much government services cost their practices - and how many of those increasingly more expensive licenses and permits they do not have.

It depends how big you build--and on the site fees, appraisals, zoning fees, and interest rate. Here's help with your estimate.

To improve your chances for success, Denise Tumblin, CPA, co-owner and vice president of Wutchiett Tumblin and Associates, says you need to consider the cost and return you can expect in the first year of practice. She offers this example of the potential costs:

There's one person Dr. Dave Richards must confront every time he prepares to raise fees in practice - himself.

Congress passed and the President signed into law a $330 billion, 10-year tax cut plan that will have a significant impact on the tax bills of every veterinarian - and their practices.

Experts estimate labor costs and benefits rank as top income eaters among the nation's veterinary practices.

Uncle Sam, in the form of our tax laws, is willing to pick up a portion of the expenses of every veterinarian attending a trade show, meeting or similar event.

Answer to practice woes could be as simple as 'who's answering the phone'

The Center for Specialized Veterinary Care, a new hospital in Long Island, N.Y., is the first to offer pet owners private rooms so they can stay with their hospitalized pets 24 hours a day.

Not every profit center suits every practice. How do you decide what to add? Follow these steps from Practice Management Editor Mark Opperman, CVPM, president of VMC Inc. in Evergreen Colo., and Indianapolis.

Soon-to-be-moms, nursing moms, and toddlers are a part of practice now more than ever. And as an ever-increasing number of female veterinarians seek employment, and eventually ownership, women's needs will influence facility design even more.

Pay close attention to deadlines, dates and expirations

Take five minutes to quiz your budget acumen

Five years ago Dr. Neil Shaw and his 14 associates worked from a 1,500-square-foot facility. They had so little exam space they were forced to consult with clients over a picnic table or across the seat of a client's car. Dr. Shaw knew he needed more room, so he built an 11,575-square-foot facility to house 75 staff members in 1999-a facility that won a 2000 Merit Award from Veterinary Economics.

If you think it takes $50,000 to update your facility, think again. We've got project ideas for limited budgets, from free to $6,000. Just check out this list:

Port Richey, Fla.-Dr. Bob Hase trusted he was current with his taxes, certain he paid on time, every time for purchases in his clinic.

Qualified plans simple to administer; offer benefits to employees, owners

Gift lists are the hallmark of the holiday season and the well-organized mind. Shopping duties, generally anticipated as a fun activity, tend to quickly be completed as compared to other lists that occur at year-end. Issues of business management are procrastinated to a much greater extent.

Twenty-four percent of Well-Managed Practices offer separate canine and feline seating areas. How separate do the areas need to be to make the distinction effective, and how could you add this feature to a facility economically?

Your choice to work in the beauty of the countryside or on the teeming street corner in view of all passersby may influence your state of mind-but it also affects your pay. The Brakke Management and Behavior Study, released in 1999, shows that practitioners who choose to live in rural settings generally earn less than their urban counterparts. For example, practice owners who work in communities of 2,500 people or fewer earn 21 percent less than owners who live in larger communities.

The expense of using a portion of your home "exclusively" for business purposes is, as everyone knows, tax deductible. Changes to the tax laws that became effective in 1999, significantly increased the number of veterinarians who were eligible to deduct home office expenses.

Bob, an 8-year-old West Highland Terrier is waiting. Bob used to be 'Bobby' but the years have aged him. Bob's owners, John and Sarah, have been somewhat neglectful of Bob.

Tax return extension is almost always the most advisable course of action for those with more complex tax issues.

President George W. Bush signed a long-sought-after economic stimulus package March 9.

Providing estimates on veterinary procedures can often tip the scales on acceptance or anger about fees.