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6 Accounting Tips for Your Veterinary Clinic
As a vet clinic owner, your heart beats for all your furry and feathered patients. Not quite for spreadsheets and tax forms.
But running your animal clinic also means keeping the business side tidy, from tracking every squeaky toy and flea med in your inventory to handling all those different revenue streams and complicated tax stuff.
Without a system, things can spiral into a chaotic pile real quick!
So how can you keep your finances purring while focusing on all the wagging tails and happy meows?
One way is by implementing some simple, effective financial best practices.
But is there a better way? There is — doola’s All-In-One-Accounting, we’ll keep your clinic’s finances as smooth as a happy purr, letting you get back to the best part: caring for your precious patients!
What Accounting Challenges Do Veterinarians Face?
As a vet clinic owner, your day might be filled with puppy cuddles, kitten purrs, or even the occasional bunny nose twitch.
But between all those adorable moments, there’s the not-so-fun side of running a clinic — keeping your books in check.
And veterinary accounting is its own kind!
You’re dealing with:
🐾 Managing medication stockpiles
🐾 balancing revenue from various services
🐾 Navigating tax mazes built specifically for your profession
Here are some challenges vets face when it comes to accounting, and how you can tackle them:
1. Revenue Recognition
You’ve got a busy day full of routine check-ups, surgeries, and even an emergency or two. But how do you accurately keep track of all those transactions?
When should you record that revenue?
It’s a little like tracking how many treats you’ve handed out at the clinic — revenue tracking can be complex, but with the right accounting tools, you’ll have it handled like a pro!
2. Inventory Management
It’s quite a task to make sure you have medication in your reserves.
Keeping tabs on everything from flea treatments to fluffy dog sweaters means having a solid inventory system in place.
With a good inventory tool, you’ll avoid running out of essentials or finding yourself drowning in overstocked pet food.
3. Regulatory Compliance
Tax laws, veterinary board regulations, licensing fees — quite the juggle!
Partnering with an accountant who gets the vet industry can help you stay compliant and keep your clinic running smoothly.
4. Collections and Billing
Wouldn’t it be great if pets could settle their bills with head bumps and tail wags?
Sadly, it’s up to their humans to foot the bill — and sometimes, getting paid can be tricky.
Clear billing processes and the right software make it easier to collect payments and deal with all those insurance claims.
5. Expense Management
Running a clinic isn’t just about taking care of pets — it’s also about keeping track of your spending, from medical supplies to your team’s salaries.
Cutting-edge expense management tools can help you keep a sharp eye on your budget while allowing you to splurge on the occasional treats for your fur and feather buddies.
6. Tax Planning
Taxes are about as fun as cleaning the clinic after a busy day, but they’re a must-do.
A vet-specific accountant can help ensure you’re maximizing deductions and minimizing stress when tax season rolls around.
7. Going Digital
Still using paper records? It’s time to upgrade.
Cloud-based accounting software makes managing your financials easier, giving you real-time access to your data and helping you collaborate with your accountant.
At the end of the day, your passion is caring for animals, but the financial side of your practice deserves some love too.
With the right approach to accounting, your clinic can be both financially healthy and full of happy, healthy patients.
Ready to hand off the bookkeeping burden and focus on what really matters?
doola can help keep your finances in line, so you can spend more time with your patients who need you most.
Check out our services and pricing today.
6 Accounting Tips for Vet Clinics
Running a busy veterinary clinic is all about keeping tails wagging and patients purring — but keeping your clinic’s finances in check is just as important.
Yet, managing everything from payroll to taxes can be daunting.
To make this process simple and stress-free, the experts at doola have curated a list of 7 smart tips for vet clinics to streamline accounting.
Let’s get right to it.
✅ 1. Embrace an All-in-One Accounting Solution
Why juggle different tools for invoicing, payroll, and expense tracking when you can simplify everything into a single, seamless platform?
The first step to simplifying your clinic’s accounting is adopting a system like doola’s All-In-One-Accounting to meet all your needs under one roof.
✔️ Why It Matters:
A recent study by CPA Practice Advisor found that:
82% of founders with all-in-one accounting systems saved up to 5 hours/week on admin tasks.
Just think about what you could do with those extra hours — whether it’s providing more care to your patients or investing time in growing your clinic!
That’s where doola Bookkeeping — designed to meet the specific needs of small businesses and veterinary clinics alike.
With features like automated invoicing, easy expense tracking, and real-time financial reporting, doola keeps your clinic’s financial pulse in one convenient place.
Imagine effortlessly managing daily transactions, client billing, staff payroll, and running detailed financial reports — all from a single platform, saving you precious hours each week!
✅ 2. Automate Invoice and Payment Processing
In a bustling veterinary clinic, invoicing can quickly become a time sink.
Between vaccinations, check-ups, surgeries, and medication sales, documenting every transaction takes time.
That’s why automating your invoices and payment processing is a game-changer — it saves you precious hours and ensures you get paid faster.
With doola Bookkeeping, you can set up recurring invoices for regular clients, like pet owners who come in monthly for treatments.
Additionally, online payment processing makes it easier for clients to settle their bills, keeping your cash flow steady and your focus on what truly matters—your patients.
✔️ Business Example:
Take this example: your clinic charges $75 for a routine check-up, and you see 40 clients each week.
If you spend just five minutes manually invoicing each one, that’s over three hours wasted every week!
Automating this process not only gives you back that time but also reduces the chances of errors — making your workflow smoother and more efficient.
✅ 3. Implement Catch-Up Bookkeeping to Fix Backlogs
Fallen behind on your books?
You’re not alone — juggling patient care and running a veterinary clinic can make keeping up with financial records tough.
But maintaining up-to-date financials is crucial for tax compliance, securing loans, and knowing your clinic’s true profitability.
✔️ Why It Matters:
Did you know that 60% of small businesses face penalties due to messy bookkeeping?
Avoid costly mistakes and keep your clinic running smoothly with doola’s Catch Up Bookkeeping, so you can focus on what truly matters — caring for your patients!
Whether you’ve been swamped with appointments or just avoided the books altogether, doola’s expert team is ready to get you back on track.
This service isn’t just about bringing your books up to date—it ensures they’re audit-proof and fully compliant with tax regulations, setting you up for future success.
Learn how doola Bookkeeping works and get started today.
✅ 4. Leverage Cloud-Based Accounting Software
The days of cluttered filing cabinets and outdated desktop systems are officially over!
Cloud-based accounting software gives you the freedom to access your financial data anytime, anywhere — whether you’re in the clinic or at home.
And:
It automatically backs up your data, minimizing the risk of loss.
doola’s cloud-based accounting platform allows you to manage your veterinary clinic’s finances on the go.
Whether you’re working from a desktop, tablet, or smartphone, you can access your financials with just a few clicks.
And the best part?
You can collaborate with your accountant or bookkeeper in real-time, making it easier to stay on top of your clinic’s financials.
✔️ Business Example:
Suppose you’re managing a clinic with an annual revenue of $500,000 and need to keep track of inventory, payroll, and operational expenses.
Using cloud-based software gives you the flexibility to quickly make adjustments and stay agile — especially during tax season.
✅ 5. Level Up Your Inventory Management
In the veterinary world, inventory management isn’t just about knowing how many dog treats or flea medications you have in stock.
It’s about accurately tracking supplies, medications, and even expensive equipment like X-ray machines, which can have a significant impact on your bottom line.
By automating your inventory tracking, you can:
- Gain insights into your clinic’s supply needs
- Reduce waste
- Monitor product profitability
For instance, by integrating your inventory management with your accounting software, you can easily track how much medication you’ve sold versus what you’ve spent — giving you a clearer picture of your profit margins.
✔️ Business Example:
Let’s say you run a veterinary clinic.
Now, say you purchase 100 units of heartworm medication at $10 per unit.
If you sell each unit for $30, your gross profit is $2,000.
With accurate inventory tracking, you can easily calculate this profitability and adjust future orders based on demand.
✅ 6. Stay on Top of Tax Compliance
Taxes can be one of the trickiest aspects of running any business, and veterinary clinics are no exception.
From sales tax on products to payroll taxes for your employees, it’s crucial to stay compliant with all relevant tax regulations.
And you’d agree, keeping up with ever-changing tax laws can feel like a full-time job!
That’s exactly when doola’s tax filing services come in handy.
From helping you calculate and file your taxes to ensuring you maximize your deductions, doola makes tax season a breeze.
Also, by keeping your books in order year-round, you’ll be well-prepared for tax filing, reducing the chances of errors or penalties.
Did You Know?
According to the IRS:
One in three small businesses faces penalties each year due to tax-related errors.
Don’t let your veterinary clinic become part of that statistic — doola will ensure you remain compliant and prepared for every tax deadline.
Simplify Your Clinic’s Accounting: Let’s doola It!
Running a veterinary clinic is no small feat, but with the right accounting strategies in place, you can streamline your financial management and focus more on your patients.
From an all-in-one accounting platform to catch-up bookkeeping, tax filing services, doola can be your partner in simplifying accounting for veterinary practices.
So are you ready to rope in the experts?
AKA the seasoned tax professionals who have made doola a success among global entrepreneurs?
Book a demo today and discover how doola can help you streamline your accounting, stay tax-ready, and keep your clinic thriving!