The Financial Advantages of Outsourcing Veterinary Bookkeeping

The most challenging accounting issue facing veterinary practices (often unbeknownst to owners) is the lack of proper bookkeeping. Owners often think they are saving money by not hiring someone to help with their financials, but they don’t consider the opportunity cost of handling it themselves.

For instance, consider that a doctor is able to generate $200 per invoice and typically sees two patients per hour. This equates to an average of $400 earned in the exam room each hour. There are well-qualified, veterinary-specific bookkeepers who charge $75-100 per hour. If an owner handles the financials himself instead of hiring a bookkeeper, he or she would miss out on the opportunity to earn approximately $400 per hour spent on the financials.

When hiring a bookkeeper, it’s important to make sure that he or she understands the accrual method of accounting and the veterinary-specific adjustments. Hiring a well-qualified bookkeeper can help increase the accuracy and usability of the financial statements – a worthwhile investment!

For more veterinary practice management tips, download the Veterinarian’s Guide to Best Practices, Vol. 7 or contact our team of veterinary consultants.