We love how it provides a fully featured, affordable bookkeeping solution. In dental accounting, we often see books that are not in good shape. Highly qualified dental bookkeepers are rare. Staff that may have multiple duties and wide practice management skill sets that are not primarily bookkeeping are often put in charge of the books. Expert advice or training is not always obtained. Very commonly, more than half of the time a CPA spends on a dental tax return is simply fixing bookkeeping errors and figuring out what transactions were posted where, and why.
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Over time, practices have built their own systems for keeping track of the services they perform and the products they sell using unique codes in their PIMS practice information management system. To state the obvious, the veterinary industry could really benefit from standardized codes. Benchmarks become extremely onerous, if not impossible, to collect. This is a documented process for classifying revenue, expense, and balance sheet accounts in small animal veterinary practices.
Up until recently, practices had to be willing to abandon their own way of coding transactions and make large changes in their PIMS to create the new codes. Implementation of the new codes requires technical PIMS changes, but also social and workflow changes as the entire practice team learns the new coding system. So where does that leave us? Click To Tweet But implementing the new code set is hard. No need for practices to do anything or change anything.
Keep using your codes as is. The fully mapped sets are also audited for accuracy by real live people who have worked in veterinary practices. The result: accurately mapped codes without practices changing a thing. Since this powerhouse report contains revenue data but not cost side data, it handles half the heavy lifting required to determine practice profitability. The result?
Better benchmarking is here. The Practice Overview Report appendix now includes a print-friendly revenue statement with revenue per patient benchmarks in each revenue category. Best of all, VetSuccess member practices have easy access to accurate, reliable, and consistent benchmarks.
Just reach out. Martin can be reached at martin vetsuccess.
Improve Your Practice Finances with the AAHA/VMG Chart of Accounts and Field Definitions
Over the years it was revised to reflect the growing complexity of veterinary practice accounting. This move coincided with an effort by the American Veterinary Medical Association AVMA , which tasked its Veterinary Economics Strategy Committee VESC with facilitating the collaboration necessary to improve business knowledge, acumen, benchmarking, and financial success across the profession. Standardized codes enable the profession to develop better measures of veterinary practice financials benchmarks and allow practitioners to organize their finances in line with generally accepted accounting principles. They also provide better, more reliable data about how veterinary practices are doing from an economic standpoint and enable industry leaders to develop initiatives designed to improve the overall financial health of the profession. Is your practice still trying to adapt to generic accounting codes? Use the chart of accounts recommended by industry experts for every revenue center in your practice. In order to minimize barriers to utilization of this new standard, it was important to provide the COA at no cost.
AAHA/VMG Chart of Accounts
Standardized chart of accounts can boost practices’ financial health