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Budgeting is an important part of running a veterinary practice, but often it gets lost in the busyness of day-to-day work. Budgets can benefit a practice in many different ways allowing owners and DVMs to anticipate problems and make continuous improvements, enabling sound financial decisions, establishing accountability and even establishing incentives for key management personnel, to name a few.
Creating and maintaining budgets may seem overwhelming, but it is important to view it as an investment in the practice itself. In this session, attendees will learn what basic information is required to establish a budget and what other items need to be considered in order to make a budget comprehensive. Various types of budgets will be discussed as well as various methods for analyzing budget metrics.
A sample DVM budget, accounting for all the categories and types of expenses an animal hospital would encounter, will be shared with attendees, giving them a template for implementing a budget in their own practice.
Learning Objectives
Original Recording:
VHMA Webinar: Why Budgeting Can Prevent Problems and Relieve Stress
VHMA Member Price: $0 and Nonmember Price: $0
Boosting Your Financial IQ to Maximize Fiscal Performance Webinar Series
Webinar 3 of 4
Webinar 3 of 4
Creating and maintaining budgets may seem overwhelming, but it is important to view it as an investment in the practice itself. In this session, attendees will learn what basic information is required to establish a budget and what other items need to be considered in order to make a budget comprehensive. Various types of budgets will be discussed as well as various methods for analyzing budget metrics.
A sample DVM budget, accounting for all the categories and types of expenses an animal hospital would encounter, will be shared with attendees, giving them a template for implementing a budget in their own practice.
Learning Objectives
1. Understand what basic information is required to establish a budget
2. Implement budget basics in the creation of a budget for a veterinary hospital
The Veterinary Hospital Managers Association (VHMA) and Veterinary Medical Association Executives (VMAE) – organizations committed to helping veterinary practices thrive – have entered into a strategic partnership to realize their shared goal of advancing practice health in veterinary medicine. The collaborators are pleased to present a four-part webinar series, Boosting Your Financial IQ to Maximize Fiscal Performance, which is designed to elevate the financial literacy of those involved in veterinary management. The webinars are available free of charge to members of veterinary medical associations!
Original Recording:
Wednesday, October 3, 2018
1:00 p.m. to 2:00 p.m. EST
Credit
CEU1:1.0
Description
Speaker: Beth Scott, CPA
Beth Scott is a director in Katz, Sapper & Millers Business Advisory and Veterinary Services Groups. She has been with the firm since 2004. Beth advises clients in accounting, tax, and business matters and has extensive experience in tax planning, tax compliance, financial statement analysis, forecasts and projections, accounting systems implementation, and key performance indicator reports. As a member of the Veterinary Services Group, Beth provides hospitals with benchmark and profit-enhancement consulting to help increase their profit and practice values. In addition to the day-to-day management of one of the largest national veterinary benchmarking databases, Beth actively participates in speaking engagements and industry membership groups. Beth was instrumental in working with the American Animal Hospital Association (AAHA) and Veterinary Management Group (VMG) to combine their chart of accounts that was subsequently released to the veterinary industry in June of 2017.
