Organizing Your Practice’s Finances

Are you implementing best practices at your hospital?

As a veterinary practice owner, you keep up with the latest trends and state-of-the-art practices when it comes to veterinary medicine, but are you implementing best practices when it comes to managing your practice from a financial standpoint? One of the best and most effective changes you can make to ensure your practice is excelling both operationally and financially is to follow the American Animal Hospital Association’s (AAHA) Chart of Accounts in your accounting software. The Chart of Accounts allows you to better organize your finances and collect data needed to improve your operation – and best of all, it is free to use!

The AAHA Chart of Accounts standardizes bookkeeping for veterinary practices, allowing for uniformity within the industry and ensuring you have access to compare your practice’s performance to standard benchmarks throughout the industry. The ease of use and simple, yet effective, reporting allows you to analyze financial performance more efficiently, giving you more time to practice medicine and focus on what is most important – your standard of care. Depending on your practice’s individual needs, the implementation process is as gradual or accelerated, as necessary. If you are considering selling your veterinary practice, the AAHA Chart of Accounts can also assist with making the valuation process as straightforward as possible.

For more information on the AAHA Chart of Accounts and tips for implementation, please visit https://www.avma.org/resources-tools/practice-management/aahavmg-chart-accounts.

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