You don’t have to choose between doing what you love and achieving your financial goals. Kirsch CPA Group can provide customized and holistic CPA services for buying, managing, growing, and selling your veterinary practice so you can focus on doing what you do best, at every stage of your business life cycle.
Forward-Looking Accounting Services
Navigating the increasingly sophisticated demands of veterinary medicine while also running your own business can be a daunting task.
You love providing care for the animals, but you’ve got financial goals too. Growing a business requires a strategy and a clear-eyed view of the numbers.
It can be easy to fall into the trap of thinking your business is healthy because you have no available appointments for the next six weeks. Service businesses are full of profitability traps that can lead you to mistake the bustle for a sign that your business is on track. Metrics will provide the full picture of your business’ financial health.
At Kirsch CPA Group, we take a forward-looking and holistic approach in our accounting and business advisory services. This ensures that our clients are positioned to take advantage of growth opportunities and navigate obstacles, armed with real-time financial metrics to make solid, strategic, and data-based decisions for every stage of their business.
Navigate the Life Cycle of Your Veterinary Business
1. Creating a Road Map for Reaching Your Goals
Running your veterinary business in the early years is both exhilarating and exhausting as you juggle debt servicing, payroll obligations, and monthly accounting responsibilities, often with a minimal support staff.
Even so, you’re working toward bigger things as you navigate the day-to-day concerns. A forward-looking accounting partner can help you create a strategic road map built around your short and long-term goals. The right partner can also provide you with a deeper look into your financials and manage the heavy lifting, so you have the time and the numbers you need to tackle more strategic decision making.
It’s important to recognize when you have outgrown your accounting practices and would benefit from a more holistic approach. Key signs include:
- Chronically late monthly close process
- Poor visibility into cash flow
- Surprise tax notices
- You’re wearing too many hats
2. Monitoring Financial Health
You’re good at what you do and you’ve got a solid business structure. Why not grow your business with added services, products, or new hires? Our team can support you with strategic planning, identification of profitable verticals, and an optimized QuickBooks setup to ensure you’ve got the metrics you need to confidently jump on opportunities that present themselves. From pet grooming to chew toys to specialized care, we can break it down into metrics you can use to vet the potential.
3. Selling a Practice
Eventually, you will think about selling your practice or transitioning it to a key employee. Kirsch can provide expert guidance throughout that process. Succession planning starts with understanding your long-term goals, and our team will work with you to ensure there is a seamless and strategically planned transition.
CPA Services for Veterinary Practices
Kirsch services include:
- Ongoing bookkeeping and accounting
- Cash flow management
- Financial statements
- Key Performance Indicator analysis
- Optimizing chart of accounts
- Month-end close package
Contact a member of the Kirsch CPA Group team to learn more about what strategic and holistic accounting services can do for your veterinary business.