APL Accounting News October 2019
APL ACCOUNTANTS LATEST NEWS
A new service that will revolutionise the way you manage your practice!
Every vet working for you is essentially a micro business within your organisation – maybe we should be reporting on each one as a stand alone business.
As you may know, we meet up with many of our clients very regularly (every month or every quarter for most of you) to discuss your past few months business performance, look at whether you are successfully implementing strategies and project your next few months.
However we have noticed that there is an essential ingredient missing – you see, most of our meetings eventually come down to the question of whether certain team members in multi-vet practices are struggling to succeed and apply the strategies, principles and vision of the business owner.
So for a long time we have envisioned the possibility of producing a completely objective financial report (essentially a profit and loss statement) for each individual vet working for you instead of just a single report for the entire business. This would make it possible to see whether certain individuals are actually losing money for the business whilst others are generating a profit. We call this ‘Business Unit Reporting’ – breaking down the business into units of production which then allows us to identify the problems in specific units.
This is nothing new in the world of management accounting as most businesses can be broken down into a consistent unit of production, but until now nobody has been able to apply this successfully to the veterinary industry where a ‘business unit’ is a veterinary surgeon assisted by a component of support, reception and administrative staff.
Because we have the ability to get daily information from your practice management and bookkeeping systems (using Profitdiagnostix), we can now apply a consistent formula across all employed veterinarians and produce a profit and loss statement for each veterinarian. What’s more, we can do this for you without you having to complete any arduous questionnaires.
The results are astounding! We can see that many multi-vet practices have some ‘business units’ that are losing money whilst others in the same practice are generating health profits! And now we can pro-actively help these ‘business units’ do better – not only does this new reporting method show the financial aspects, it also shows all the key services that a veterinary surgeon performs and helps identify where the problem actually is:
Maybe it’s a billing problem, or a problem with service promotion, or a problem with consulting room technique?
Once the problem is known and there is complete objectivity on the financial implications, you will be able to apply very specific training to the correct individuals who need it.
Business Unit Reporting is a new service that we will preview to many of our clients over the next quarter. If you meet with us quarterly, part of your next quarterly meeting will be a free taste of what this has to offer and then you can decide if you want to add this service to your current package.
For those of you who do not meet with us on a regular basis, if this is of interest to you please contact us now. It will revolutionise how you run your business.
Contact us now: admin@aplaccountants for your expression of interest.
Missed our B1G1 webevent?
Don’t worry, we have a recording here for you https://vimeo.com/360730758/3694e766a9
Listen in if you’re keen to make an impact on the world, engage your team and differentiate your business to clients. All B1G1 members that are part of the veterinary industry also get free membership to the APL hive, where we share ideas on implementation and team engagement using B1G1. All hive members also get a 50% discount for 12 months on veterinary business university https://vetbusinessuniversity.com/
Listen to the recording and then request a joining form by emailing email@example.com
Another year gone so time for our annual dental. We decided it’s better to go in together to keep each other safe and warm, and I just love tucking my butt right up against my bestie. Mom said I had to have dental xrays due to my poor mouth conformation and past history, but fortunately Dr Sam said Chica would have them too – standard procedure even for Grade 1. Look what they found!
A retained baby premolar which needed to be removed. Thanks Dr Sam for looking after my friend, my mouth was perfect just needed a clean (that makes a change!) So for those of you that don’t bother to xray the grade 1 dentals – please do, my bestie is happy she had a good work up and best care so please make sure you look after all our friends as well as what we get looked after as we rely on you to tell our parents what to do.
Please Note: Many of the comments in this publication are general in nature and anyone intending to apply the information to practical circumstances should seek professional advice to independently verify their interpretation and the informations applicability to their particular circumstances. In particular, please note that the APL dogs who often prepare this newsletter do not have opposable thumbs so have to type with their noses.