Throughout the United States, outsourcing has been a hugely popular and effective way of managing work for many, many years, with companies quickly discovering its cost-effective advantages and productivity gains. When it comes to veterinary practices, however, outsourcing’s many opportunities for increased revenue and efficiency are frequently overlooked, and the practice of outsourcing continues to be a rarity. But if you’re running a busy veterinary practice and are struggling to maintain your accountancy commitments, outsourcing could help you relieve the burden considerably, just as it does in many other industries.
Some of the most common areas in which a veterinary practice can benefit from outsourcing can be found include financial planning and analysis, bookkeeping, payroll processing and benefits and administration.
Read on to find out how outsourced accounting could help your veterinary practice be more cost effective, efficient and productive:
What you could be missing out on if you don’t outsource:
- While having a friend or family member prepare your taxes for you may technically be considered as outsourcing, it’s a far cry from the professional service you receive from a qualified and reputable outsourced accounting agency. While you might think that by having your taxes prepared and filed by someone close to you, you’re always going to save money compared to paying a professional, it’s not quite as cut and dried as that.
Consider the fact that while your taxes might be filed in a timely manner, and the IRS are not looking over your shoulder, many other aspects of your business could be falling by the wayside. A professional accountant, such as those employed by outsourced agencies, will regularly review your financial reports – such as profit and loss statements – and will alert you to any discrepancies or potential problems that may have arisen, or be about to arise; these alone can save you a lot of time and money when spotted early enough.
- A reputable outsourced accounting agency will have a number of certified public accountants on their team, and they will be instructed to review financial statements on a monthly or quarterly basis, and will impart their wealth of knowledge related to many other aspects of accountancy, and apply it to your veterinary practice. This knowledge and the specific skills they possess, are typically greater than those of your family friend, or anyone who isn’t specifically qualified to deal with accounts. Not only that, but they are always up to date with changes to tax laws, and are best placed to ensure that you and your practice always benefit from them, or minimize your exposure to them.
Veterinary practice owners are often too busy dealing with customers and their pets to realize their own financial problems until it’s too late, and while this is totally understandable, it’s also completely avoidable. Outsourcing your accounting needs as the owner of a veterinary practice, could not only ensure that you’re always in line with tax laws, but could save you money and increase your bottom line. If you haven’t yet considered doing so, perhaps now is the time.