We'll proactively provide bookkeeping updates catered to your veterinary practice. Have urgent inquiries that require immediate assistance? Expect a comprehensive response from us within one business day or less.
Our platform simplifies the process of managing your financial data by automating inputs from leading providers, eliminating common errors. We team up with prominent vendors like Gusto, Stripe, Shopify, and Square—ensuring the financial record-keeping for your veterinary practice is always spot-on.
Wave farewell to stacks of veterinary bills and the hassle of manual record keeping—we automate entries directly from your connected accounts. Derive insights from one central dashboard, allowing you to effortlessly comprehend the financial wellbeing of your veterinary practice and make strategic decisions.
DR. BUKKY KOLAWOLE
As a Veterinarian, here are some specific tax deductions you may be entitled to claim for your practice:
- Medical supplies and equipment: These include items such as vaccines, medications, syringes, surgical tools, and any other medical supplies or equipment you use for animal treatment.
- Rent or mortgage expenses: If you own your clinic, you can deduct mortgage interest and real estate taxes. If you rent your office space, you can deduct the cost of rent.
- Utilities and business services: You can deduct the costs of utilities like electricity, water, and internet, as well as business services such as janitorial, accounting, and legal services.
- Professional development: This includes costs associated with continuing education courses, professional publications and memberships, and attending industry conferences and seminars.
- Vehicle expenses: If you use your vehicle for business purposes like house calls, you can deduct expenses related to car maintenance, gas, insurance, and depreciation.
Remember, all tax deductions must be both ordinary and necessary for your business. Always consult with a professional accountant or tax specialist to ensure you're correctly claiming all eligible deductions.
Professional bookkeepers can play a critical role in managing the high costs of medical equipment in veterinary medicine. They provide an accurate record of all financial transactions, track incoming revenues and outgoing costs, and help to identify areas where cost savings can be made. This includes reviewing equipment purchases, comparing supplier costs, and seeing if alternative lower-cost options are available. Furthermore, with a detailed understanding of tax laws, they can ensure the practice takes full advantage of available tax deductions on equipment purchases. By implementing a proper budget and financial plan, a professional bookkeeper can help a veterinary practice optimize its resources, improve its profitability, and manage the high costs of medical equipment effectively.
Several financial challenges are unique to veterinary practices, which an experienced bookkeeper can assist with. These include:
- Inventory Management: Ensuring precise tracking and control of a large number of pharmaceuticals and equipment.
- Tax Compliance: Understanding industry-specific regulations and available deductions can be complex.
- Cash Flow Management: Irregular income due to the fluctuating number of consultations, surgeries, and other treatments the practice handles.
- Expense Tracking: Monitoring variable costs such as utilities, equipment maintenance, and medical supplies.
- Periodic Revenue Reconciliation: Matching sales with services rendered can be challenging in a busy veterinary practice.
By partnering with a bookkeeper familiar with these industry-specific challenges, veterinary practices can focus more on delivering quality care to their patients while ensuring their financial health.
Nope! All bookkeeping is completed in-house.
Your bookkeeper will be your main point of contact, but at times you might hear from another member of your team. This is usually when your bookkeeper goes on vacation, is sick, or otherwise unavailable.
We handle the bookkeeping for you but sometimes we’ll need your input, especially at year-end. On average, expect to spend 15 minutes each month answering questions for your bookkeeper, or uploading supporting docs.