• DVM360_Conference_Charlotte,NC_banner
  • ACVCACVC
  • DVM 360
  • Fetch DVM 360Fetch DVM 360
DVM 360
dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care
dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care
By Role
AssociatesOwnersPractice ManagerStudentsTechnicians
Subscriptions
dvm360 Newsletterdvm360 Magazine
News
All News
Association
Breaking News
Conference Coverage
Education
Equine
FDA
Law & Ethics
Market Trends
Medical
Politics
Products
Recalls
Regulatory
Digital Media
dvm360 LIVE!™
Expert Interviews
The Vet Blast Podcast
Medical World News
Pet Connections
The Dilemma Live
Vet Perspectives™
Weekly Newscast
dvm360 Insights™
Publications
All Publications
dvm360
Firstline
Supplements
Vetted
Clinical
All Clinical
Anesthesia
Animal Welfare
Behavior
Cardiology
CBD in Pets
Dentistry
Dermatology
Diabetes
Emergency & Critical Care
Endocrinology
Equine Medicine
Exotic Animal Medicine
Feline Medicine
Gastroenterology
Imaging
Infectious Diseases
Integrative Medicine
Nutrition
Oncology
Ophthalmology
Orthopedics
Pain Management
Parasitology
Pharmacy
Surgery
Toxicology
Urology & Nephrology
Virtual Care
Business
All Business
Business & Personal Finance
Hospital Design
Personnel Management
Practice Finances
Practice Operations
Wellbeing & Lifestyle
Continuing Education
Conferences
Conference Listing
Conference Proceedings
Resources
CBD in Pets
CE Requirements by State
Contests
Veterinary Heroes
Partners
Spotlight Series
Team Meeting in a Box
Toolkit
Top Recommended Veterinary Products
Vet to Vet
  • Contact Us
  • Fetch DVM360 Conference
  • Terms and Conditions
  • Privacy
  • Do Not Sell My Information
  • About Us

© 2023 MJH Life Sciences and dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care. All rights reserved.

Advertisement
By Role
  • Associates
  • Owners
  • Practice Manager
  • Students
  • Technicians
Subscriptions
  • dvm360 Newsletter
  • dvm360 Magazine
  • Contact Us
  • Fetch DVM360 Conference
  • Terms and Conditions
  • Privacy
  • Do Not Sell My Information
  • About Us
  • MJHLS Brand Logo

© 2023 MJH Life Sciences™ and dvm360 | Veterinary News, Veterinarian Insights, Medicine, Pet Care. All rights reserved.

Practice owners: Record services you receive for your pets

August 1, 2012

Not doing so may encourage employees to do the same, and that's theft.

Q: Should practice owners have to comply by the same pet care discount policies as their employees?

A: According to Lorraine List, CPA, CVA, with Summit Veterinary Advisors, if practice policy is that employees are expected to receive and pay invoices (although discounted by 20 percent) when their pets receive care or they buy products at cost, then it sets a bad example if the rules don't apply to practice owners.

Of course, practice owners are responsible for the payment of all the practice's expenses, but if we follow that logic through, then the practice owner should be able to take anything in the clinic and walk out the door with it because he or she bought and paid for it. That's a slippery slope. If there is no invoice or accounting for the stuff the owners take, it's pretty tempting for staff members to do the same. And we call that employee theft.

Advertisement

Also, if there was never an invoice created, then the services were never recorded as income and the practice looks less profitable than it actually was. In the end, that hurts the owner since the value of the practice would be lower. And, of course, the IRS puts limits on employee discounts-including owners-because it wants the value represented by the other 80 percent (the non-discounted portion) of the services to be taxable.

Related Content:

BusinessPractice Finances
Veterinary training to expand in Ontario with government investment
Veterinary training to expand in Ontario with government investment
VHMA announces latest class of CVPMs
VHMA announces latest class of CVPMs
New online course for veterinary business at UC Davis
New online course for veterinary business at UC Davis

Advertisement

Latest News

News wrap-up: This week’s headlines, plus dvm360® launches its first CE podcast

Educating clients on brachycephalic breeds

Viticus group seeks applications for veterinary boot camp scholarship

Unusual parasite strain kills 4 California sea otters

View More Latest News
Advertisement