• 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.

Taking shortcuts in financial management can cost you big

July 1, 2005
Jeff Rothstein, DVM, MBA

Even small businesses create hundreds of transactions during a month. And when you add your personal banking to the mix, it's easy to become overwhelmed, especially if you don't like bookkeeping.

Even small businesses create hundreds of transactions during a month. And when you add your personal banking to the mix, it's easy to become overwhelmed, especially if you don't like bookkeeping.

Dr. Jeff Rothstein, DVM, MBA

When that happens, things can begin to slide. You get lulled into thinking that banks and credit card companies don't make mistakes, and you find yourself not verifying all deposits or other transactions. Or you let several months of bank statements pile up, and then you rush to reconcile them so you can move on to the next month.

Advertisement

But taking shortcuts is not the answer. I should know; I'm a reformed shortcut taker.

I believe I've seen every possible error, including some very costly ones. A few months ago, $1,500 was accidentally taken out of our account when another bank customer's client bounced a check. Then this month, two days of credit card deposits-worth more than $4,000-never hit the account. And they never would have if we hadn't developed good internal control systems.

Most of us know we need to act quickly when it comes to collecting accounts receivable. A harder lesson is that the same holds true when addressing banking errors. We wouldn't have picked up on the missing credit card deposits for four to six weeks if we still reconciled deposits when the bank statement arrived a few weeks after the months' end. By then, it would've been harder to determine what happened and potentially more difficult to retrieve our money.

Deposits are particularly time sensitive. For example, it's one thing to write up a daily deposit ticket, but the deposit still needs to get to the bank, which still needs to put the right amount in your account. And while it may be tempting to do evening drop deposits, most banks don't send receipts anymore. Yes, it takes someone away from the clinic to go to the bank during the day, but when you take this step, you have accountability and a receipt.

While a receipt is a good start, it's no guarantee. You should also verify weekly that your deposits hit your account. Web banking can expedite this process.

The bottom line here is that it's your bottom line. And if you don't look, you probably won't find anything wrong.

Veterinary Economics Editorial Advisory Board member Dr. Jeff Rothstein, MBA, is the president of The Progressive Pet Animal Hospitals and Management Group, which owns and operates hospitals in Michigan and Ohio. Please send your questions or comments to ve@advanstar.com.

Related Content:

Leadership & Personal GrowthPractice Finances
The significance of Women's History Month
The significance of Women's History Month
Market research: How to find your edge
Market research: How to find your edge
A technician’s true value
A technician’s true value

Advertisement

Latest News

Kentucky Humane Society with Louisville Metro Animal Services to host mega adoption event

San Diego Zoo celebrates Andean bear cub twins

Spring’s pet toxins have sprung

IBPSA and Zoundz Music for Pets team up to reduce pet anxiety in pet care facilities

View More Latest News
Advertisement