An accountable accountant

Q: My partner and I are opening a hospital and we're concerned about our accounting structure. Is a local accountant with a good reputation adequate, or should we find someone who specializes in veterinary medicine? What kind of costs can we expect?

"Begin your search locally and focus on firms with three to six professionals with strong backgrounds in accounting and taxes," says Veterinary Economics Financial Editor Cynthia Wutchiett, CPA, director of Wutchiett Tumblin and Associates in Columbus, Ohio. "And be sure they're user-friendly." She recommends using the AAHA Chart of Accounts or other similar tools to set up your revenue and expense accounts.

"If you prefer an accountant who specializes in veterinary practices, search the Association of Veterinary Practice Management Consultants and Advisors site (avpmca.org)," she says. "An accountant may be able to offer management insights as well. Just be sure to clarify what you're looking for in advance because not all do."

Wutchiett says the cost for an accountant will depend on the services provided. "Narrow your choices down to a few finalists," she says. "Then spend time with each firm discussing their services, your practice's needs, and the cost."

Cynthia Wutchiett