Want to make sure your practice isn't paying more than it needs to in taxes? Today we will be talking about depreciation expenses for your fixed assets. Not only is it a free and easy way to save your practice thousands of dollars, but it's how you can ensure that your books accurately portray the value of your practice. Read on to make sure you are writing in this expense every month.
Read MoreI recently added free, Hubdoc accounts to each of my clients books. Why? Because without proper documentation, your practice's books cannot stand against an audit by the IRS. Having a receipt for EVERY SINGLE transaction you document in your books, is the only way to make your books audit-proof. Read on to learn 7 simple tips I have for receipt storage, as well as the magic of Hubdoc.
Read MoreFinishing the second part of her two-part blog series, Veronika Ambertson is digging deeper into the three stages of strategic growth: systems, outsourcing and hiring. Veronika is a former Human Resources professional with experience ranging from the private staffing industry, being a direct employer herself and spending close to a decade with the United Nations Development Programme. Read on to make use of her expertise!
Read MoreToday we are lucky enough to have Veronika Amberston as a guest of my blog. Veronika is a former Human Resources professional with experience ranging from the private staffing industry, being a direct employer herself and spending close to a decade with the United Nations Development Programme. In a two-part series, Veronika will be discussing the three stages of strategic growth and the critical role outsourcing plays in that growth.
Read MoreA CPA does so much more than just work on your taxes. They are a critical part of your team and they provide the financial guidance necessary to grow your practice. The three qualities I'm writing about today can made the difference between hiring someone to work on your taxes once a year, and hiring your financial co-pilot!
Read MoreConverting a customer into a loyal client doesn't have to cost you an arm and a leg. Apply these three simple, and FREE, customer service techniques in your practice and you will see your efforts be rewarded right away. I've experienced all three during my many years visiting vet offices and have found them to be the most effective.
Read MoreThe first step you have to take when setting up your bookkeeping within any accounting software is to upload a Chart of Accounts. It is the foundation to your books. It's an incredibly important part of the bookkeeping process and needs to be set up properly. Today I go just a little into why it matters so much. Best of all...I've included a veterinary-specific Chart of Accounts that you can use for your own practice!
Read MoreI'm always looking for simple changes I can make to create more efficient processes while increasing productivity in my business. I've put together a list of 4 incredibly easy changes you can make to save yourself time and money. The best part about these tips...they won't cost you a dime and won't take much time, but they will save you A LOT of time and money.
Read MoreYour pets shouldn't go a year without a checkup and your practice shouldn't go a month without one either. That means reviewing your financial statements every month! Easier said then done when you have no idea how to analyze those sheets full of numbers. So let's keep things simple shall we? I've listed three or four numbers from each financial statement to keep a close eye each month. Read on to make sure you're looking at the right numbers each month.
Read MoreToday I'll be writing about a little something different that is still very important for vet practices. I'll be visiting 5 vet practice websites that have unique features that really make them stand out among the sea of websites out there. A practice's website is an extension of their team and needs to be easy to navigate, have an attractive design and be updated regularly. So if you are in the process of updating or upgrading your website, then read on for some great ideas that are simple to implement and will CONVERT a potential client to a new one!
Read MoreWhen your practice starts displaying symptoms of a financial "malady", do you have the financial equivalent of its medical history to use as a resource for determining the cause of the problem and the best way to treat the problem? Without it, you could make financial changes in an attempt to fix the problem that could actually cost you more money instead. Today I'll be talking more about why having this type of financial history is important and how to go about establishing it.
Read MoreSo we all know that great bookkeeping is necessary if you want your practice to grow. Last week we went over the daily and weekly bookkeeping tasks you have to complete to make bookkeeping a seamless part of your day. Today I'll be going over the monthly, quarterly and annual tasks. I've also prepared another checklist form you can download for your own use. Once you start implementing these checklists into your routine, you will see how easy it can be to keep your practice's finances in top shape!
Read MoreCheck out my post at Veronika Ambertson's website HERE. Veronika uses her 15 years of experience as an HR professional to help businesses build their teams through the hiring, training and development process. I'll be writing about the reasons to outsource your bookkeeping and how to go about hiring a great bookkeeper to be a part of your team. Come visit with me!
Read MoreBookkeeping is crucial if you want your practice to succeed. We know that to be true! But staying on top of it can be overwhelming when you've got so much to do already. Use my bookkeeping checklists to organize and automate this process for you! I divide up the essential bookkeeping tasks into daily, weekly, monthly, quarterly and annual checklists. Today I'll be going over the daily and weekly tasks. Also, I've prepared a checklist form you can download for your own use. Life is about to get A LOT easier!
Read MoreAre You Ready To Hire Your Financial Co-Pilot?
It can be a challenge finding a bookkeeper that can fill in the shoes of a financial co-pilot. However, there are some things you can do to make the process smoother and successful. Today I'm going to go over what questions you need to ask yourself in order to narrow down your search, what you need to look for when interviewing a potential candidate and where to look to find bookkeepers. I've also included a helpful checklist you can use when interviewing potential candidates!
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A survey conducted by Outright.com shows that small business owners spend around 5 hours every month on bookkeeping…that’s after they’ve gotten the hang of bookkeeping of course. Did you know that a professional bookkeeper can do the same job 63% faster and with less errors? It just makes sense to hire a bookkeeper to take care of this vital task necessary to running your practice. Now, if your practice has 50+ employees, then it might make sense to hire a bookkeeper to be on your payroll. In most cases, the most cost-effective solution to your bookkeeping is to outsource.
Read MoreOne thing that has really surprised me since becoming a bookkeeper is how little practice owners, and business owners in general, know about bookkeeping and the importance it plays in the success of their practice. Keeping their books becomes a tedious task, like paying the light bill every month. When in fact it should be handled like the tool that it is. Bookkeeping is important...like “don’t leave home without it” important! So to get started I’ve answered a few frequently asked questions I receive about bookkeeping.
Read MoreSo you know how they say “cash is king”, well it’s for a REALLY good reason. Being on top of your cash flow is so important to the growth and success of your practice. That means keeping track of your accounts payable (who you owe money to) and accounts receivable (who owes you money). This can be a little daunting and may make you want to bury your head in the sand or completely turn a blind eye to your bookkeeping. However, by managing your finances correctly, you are ensuring that your practice is set to grow and succeed.
Read MoreStarting my own business was an exciting experience, but involved so many decisions, from small to large. If I had that many decisions to make for my virtual bookkeeping business, I can’t imagine the number of decisions a veterinarian has to make when starting and running their own practice. One of those important decisions is whether to hire a bookkeeper or have someone in-house take care of the books. If you yourself are in the process of making this decision, the following list of pros and cons could help you figure out what the best decision is for your practice.
Read MoreThe third and final financial statement that you will receive from your bookkeeper or CPA is the statement of cash flows. This statement will show how your practice spends its money and where that money is coming from. Now why is this statement important? This statement is probably the most transparent financial statement.
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