Latest News July 2025

http://www.aplaccountants.com.au

http://www.mytaxvet.com.au

Animal and Veterinary Services Award has increased by 3.5% from the first full pay run after 1 July 2025

July Web Event not to be missed, APL clients only!

Topic: Structuring veterinary surgeon wages to keep your business viable

There is some information that we can only share with our hands on advisory clients, and this webinar will have exactly that sort of information. Management of wages is certainly going to be one of the most challenging issues in the profession over the next year or two.

Our consultants have developed a predictable formula (not being used by anyone else) to calculate how much you can pay based on your veterinary surgeons productivity. Spoiler alert – if you are using a multiplier of sales to pay your vets you are doing this wrong!

We will be discussing:

• Precisely how much you can pay each vet to maintain 15-20% profit
• How to look at other criteria such as their ability to book in procedures
• How to assess it they are overservicing and annoying clients
• How to potentially structure this as a part wage, part bonus and the traps and the advantages of doing this

So APL Clients, keep this date and time free:

Wed, Jul 23, 2025 12:00 PM Brisbane time

We will be sending our clients an invitation over the next week.

Heads Up – Xero are increasing their prices in July

Please note that if we pay your Xero fees then your direct debit will increase in line with the fee increase from Xero. Xero has sent an email to all users regarding pricing. In simple terms:

• If you have xero with no payroll the monthly fee is going from $70 to $75
• If you have 5 employees on payroll the monthly fee is going from $90 to $100 
• If you have 6-20 employees on payroll the monthly fee is going from $145 to $162 
• If you have 21-50 employees on payroll the monthly fee is going from $200 to $222
• If you have 51-100 employees on payroll the monthly fee is going from $245 to $272

Dog Tales – Prices and wages are a tough balancing act!

Not that I really need to expand much on the article at the beginning of this newsletter about prices and wages that the humans wrote. But I can simplify it in this very unorthodox doggy photo of me climbing trees and my little brother Strudel living dangerously below me.

Imagine me as the business owner in a difficult balancing act trying to keep my team motivated, my business viable and my customers happy – virtually impossible! But then I am a dog, and I am sort of climbing a tree which is rather unusual.

The little brown sausage dog beneath me (Strudel) you can imagine as our fragile veterinary economy. If I get my balance wrong on those two wobbly logs and fall on Strudel, the question remains, will he survive………..

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Latest News June 2025

http://www.aplaccountants.com.au

http://www.mytaxvet.com.au

Nearly the end of the financial year!

It has come around fast, and it’s nearly the end of the year! Remember there are some key things to consider this month:
1. Superannuation paid to your team is only deductible in this financial year if it is paid in this financial year – you may want to pay superannuation before 30 June
2. Money you pay into your superannuation each year has a cap on it to be a tax deduction – check with your accountant if you are thinking of putting extra money into superannuation as a tax deduction.

Make sure you have booked a tax planning meeting with your accountant so you know what to do before the end of the year and have an idea of what your tax and tax instalments on BAS will be in 2026.

Streamline your practice, bookkeeping tailored for veterinary business!

Are you a busy veterinary professional feeling in the dark about your financials whilst caring for your patients? We get it. The unique financial ins and outs of a veterinary practice can be complex and time-consuming. That’s where we come in.

Contact us to find out more!

Remember that we don’t just do bookkeeping; we only do bookkeeping for veterinary businesses and have been doing this for over 10 years. This specialization is your advantage. We understand the specific transactions, common expenses, and revenue streams unique to your field. This means less time explaining industry jargon to your bookkeeper and more time confident that your financials are in expert hands who truly understand your practice.

Tired of anonymous email chains and generic service? We believe in a personal touch. When you partner with us, you’ll be assigned your own dedicated, fully qualified bookkeeper. This isn’t just a name on an account; it’s a professional who will get to know your business intimately. And yes, they’re available for phone calls! Have a quick question or need to discuss a specific financial point? Your dedicated bookkeeper is just a call away, ready to provide the clarity and support you need.

Gain Real Insight, Make Informed Decisions. One of the most powerful tools for understanding your practice’s financial health is a clear and accurate Profit & Loss statement. We are committed to delivering this vital report to you by the middle of the following month – every month. No more waiting weeks or months to understand your financial position. With timely insights, you can make informed decisions about your practice’s growth, spending, and overall strategy, ensuring you’re always on the path to profitability.

Here’s what sets us apart:

• Veterinary-Specific Expertise: We speak your language and understand the nuances of your practice’s finances.
• Dedicated, Qualified Bookkeepers: A personal, expert point of contact committed to your success.
• Direct Phone Access: Quick answers and direct support when you need it.
• Timely & Accurate Reporting: Understand your financial position by mid-month to make proactive decisions.

Stop letting bookkeeping be a source of stress and start leveraging it as a tool for success.

Ready to experience the peace of mind that comes with expert, specialized bookkeeping?

Contact us today for a no-obligation quote and discover how we can help your veterinary practice thrive!

Strategic Pricing Web Masterclass 

Are you confident your current pricing strategy truly reflects the value you provide and is maximizing your veterinary practice’s profitability? In today’s evolving market, setting the right prices for your services and products is more critical than ever.

Many veterinary businesses struggle with:

• Underpricing services and impacting their bottom line.
• Knowing when and how to adjust prices strategically.
• Navigating client concerns about cost while ensuring high-quality care.

If these challenges resonate with you, we invite you to our upcoming webinar:

Strategic Pricing for Veterinary Businesses 18 June midday You’ll discover Practical Strategies for Price Setting & Adjustment – Learn actionable techniques for reviewing and updating your fee schedule effectively.

Don’t miss this opportunity to gain practical, actionable insights that can transform your practice’s financial future.

Ready to optimize your pricing strategy? Register here:

https://us02web.zoom.us/webinar/register/WN_3q8oJipjT52vJbDP7IY_bw

Xero fee increase

Please note that Xero has an annual fee increase in July. If we pay for your Xero subscription then we will be increasing your fee in line with the Xero fee change.

Dog Tales!

My mom always says that a vet’s financial health is like a dog’s health – you need to know what’s going on inside to keep things running smoothly. And trust me, I’ve heard some howling tales!

• The Case of the Missing Kibble (and Profits): One vet thought they were rolling in dough, but their bookkeeping was so tangled, they didn’t realize they were overspending on supplies. My mom helped them straighten things out, and suddenly there were a few extra treats!
• The Toy-less Terrier: Another practice couldn’t figure out why they couldn’t afford new equipment. My mom dug into their financials and found they were missing payment deadlines, paying late fees and interest unnecessarily. With some bookkeeping TLC, they’re now investing in the best tools, and everyone’s tail is wagging!
• The Stressed-Out Shih Tzu: This vet was so worried about their finances, they were a nervous wreck. My human showed them how clear, accurate bookkeeping could give them the confidence to make smart decisions and focus on patient care. The sigh of relief? Priceless!

The Top-Dog Bookkeeping Takeaway:

Vets, listen up! You’re amazing at caring for our furry friends, but when it comes to finances, a helping paw can make all the difference. Clean, accurate bookkeeping isn’t just about numbers; it’s about peace of mind, smart decisions, and confidence in what your practice that can afford – all the best treats (for you and your patients!). If your bookkeeping looks like a chewed-up bone, you might want to call in a professional.

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Latest News May 2025

http://www.aplaccountants.com.au

http://www.mytaxvet.com.au

Are you drawing money out of your business, and is it legal?

Ever wondered about accessing funds from your business without going the traditional routes of payroll or dividends? It’s a common scenario for business owners, and understanding the ins and outs of “owner loans” is crucial for both your business’s financial health and your personal financial well-being.

That’s why we’re thrilled to invite you to our upcoming webmasterclass: Understanding Owner Loans.

Click here to register:

https://us02web.zoom.us/webinar/register/WN_D2snNRg5Tdat4KYCbsEjUA

What are owner loans, exactly? Simply put, they’re instances where you, as the business owner, take money out of your company in a way that isn’t classified as salary or dividend payments. While this might seem straightforward, the implications can be complex and have significant tax and legal ramifications if not handled correctly.

In this insightful webinar, we’ll delve into:

• Defining Owner Loans: We’ll clearly explain what constitutes an owner loan and differentiate it from other forms of business withdrawals.
• Why Consider Owner Loans? We’ll explore common reasons why business owners might opt for this method of accessing funds.
• The Crucial Implications: This is where it gets important! We’ll break down the potential tax consequences, accounting treatments, and legal considerations you need to be aware of.
• Structuring Owner Loans Correctly: Learn best practices for documenting and managing owner loans to ensure compliance and avoid future headaches.
• Distinguishing Good Practice from Risky Territory: We’ll highlight red flags and common pitfalls to avoid when dealing with owner loans.

Register for our web masterclass on Wednesday 28 May midday (Brisbane time)

Here is the registration link again:

https://us02web.zoom.us/webinar/register/WN_D2snNRg5Tdat4KYCbsEjUA

Understanding key metrics in your veterinary business

Providing exceptional care for animals is at the heart of your practice. However, running a successful and sustainable veterinary business also requires a keen understanding of your financial health. Just as you meticulously monitor a patient’s vital signs, regularly tracking key financial metrics provides critical insights into your practice’s performance and helps you make informed decisions for the future.

We believe that a financially healthy practice empowers you to deliver the best possible care. 

Why Track Financial Metrics?

Consistently monitoring key performance indicators (KPIs) allows you to:

• Identify Trends: Spot positive growth or potential areas of concern early on.
• Measure Performance: Evaluate the effectiveness of your business strategies and operational efficiency.
• Make Informed Decisions: Base your decisions on data rather than intuition, leading to more strategic resource allocation and growth initiatives.
• Benchmark Against Industry Standards: Understand how your practice compares to others in the veterinary field.

Essential Financial Metrics for Your Veterinary Practice:

1. Revenue Growth: This metric measures the percentage increase (or decrease) in your total revenue over a specific period (e.g., monthly, quarterly, annually). Consistent growth indicates a healthy business.

2. Net Profit Margin: This is your “bottom line” – the percentage of revenue remaining after deducting all operating expenses, including salaries, rent, utilities, and administrative costs. A strong net profit margin indicates overall financial health.

3. Active Client Number: This measures the number of clients who pay an invoice in the last 12 months. Increasing number indicates an expanding business. A decreasing number can be concerning, and this is currently the trend in many practices.

4. Client Spend: This metric shows the average amount a client spends in 12 months Increasing client spend can significantly boost revenue and profit.

Implementing Financial Tracking in Your Practice:

• Establish Regular Reporting Schedules: Set aside time (e.g., weekly or monthly) to review your key metrics.
• Set Benchmarks and Goals: Compare your performance against industry averages and set realistic targets for improvement.
• Seek Professional Guidance: A business advisor specialising in veterinary practices can help you identify the most relevant metrics for your business and interpret the data effectively.

By moving beyond the daily operations and actively monitoring these key financial metrics, you can gain a deeper understanding of your veterinary practice’s financial health, identify opportunities for improvement, and ultimately build a more sustainable and thriving business.

If you’d like to discover which metrics are most critical for your practice or need assistance in tracking and reporting systems, please don’t hesitate to contact us. We’re here to help you navigate the financial landscape and achieve your business goals.

Dog Tales – sometimes the simplest things are neglected

We are going to be a bit bold now and assume that most of you have owned a dog at some stage!

And one of the interesting things we see when we go to school is how many of our doggy friends can do some complicated stuff, yet they are unable to perform a basic recall. Its amazing to see a working cocker spaniel blow the rest of us away at a scent trial, however we occasionally watch with glee when their owner tries to get them back on the lead and instead they ‘go bush’ and vanish for half an hour with their normal biological ears seemingly replaced by fake, non-functional plastic ears.

Its important not to neglect the obvious and simple things in so many aspects of life and business. For us dogs, a basic recall to come back to mom or dad should be priority number one, but for some dog owners its just too boring and often neglected for less useful tricks like taking a bow (don’t worry I also have recall!).

The same applies for business! Many businesses spend tens of thousands on social media and internet advertising because it seems so exciting. But were they to measure the return on cost they would be disappointed.

Better to focus on the basics – most veterinary practices have a huge untapped market and just need to practice their recalls! Marketing to existing customers is usually about 10X more effective when you calculate the return on cost. So its time to press those lips together, whistle loudly and have those disengaged pets running back in through the door.

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Latest News April 2025

http://www.aplaccountants.com.au

http://www.mytaxvet.com.au

Budget update

A bit of a non event budget for our veterinary businesses this year. A brief summary:

• Tax cuts from 1 July 2026 – 16% rate cut to 15% and from 1 July 2027 15% rate cut to 14%. That’s a $268 saving in 2027 and $536 from 2028 financial year for those earning over $45,000.
• Banning non compete clauses for employees earning under $175,000

This seems to be one of the least creative budgets we have seen and seems to lack any benefits for small businesses or the stimulation of the economy.

Our professional body is concerned that there is nothing in the budget to reverse the slide of small business in Australia. Data shows that small business contribution to the GDP has plummeted from 40% in 2006 to 33% today, and their share of private sector employment has fallen from 53% to 42%. Supporting small business is crucial to revitalise Australia’s productivity and grow our economy. It is also concerning that small businesses are burdened by complex and escalating compliance obligations.

Navigating the Shifting Sands: Understand Your Veterinary Customers in Today’s Economy – Join Our Exclusive Web Masterclass on16 April

Are you feeling the impact of the current economic climate on your veterinary practice? Wondering how your customers are adapting and what it means for your business?

You’re not alone. The economic landscape is constantly evolving, and understanding how these changes are influencing pet owner behaviour is crucial for the success and sustainability of your practice.

That’s why we’re inviting you to our essential web masterclass: “Economic Conditions and How Veterinary Customers Are Behaving” on April 16th.

This isn’t just another webinar filled with speculation. We’re diving deep into the REAL data.

During this insightful session, we will be analyzing:

• Fresh insights from customer re-activations: Uncover trends in returning clients and understand what motivates them.
• Valuable feedback from recent customer reviews: Gain a direct understanding of current client satisfaction, concerns, and expectations.
• Exclusive data from our ‘veterinary industry tracker’: Get a bird’s-eye view of broader trends impacting the veterinary sector.

Here’s what you’ll gain by attending:

• A clear picture of current veterinary customer behaviour: Understand how economic conditions are influencing their decisions regarding pet care.
• Data-driven insights to inform your practice strategy: Move beyond guesswork and make informed decisions based on real-world trends.
• Actionable strategies to adapt and thrive: Learn practical steps your practice can take to navigate the current economic climate effectively.
• A deeper understanding of what your clients are truly looking for: Tailor your services and communication to better meet their evolving needs.
• A competitive edge in a changing market: Stay ahead of the curve by understanding the latest trends and adapting proactively.

Don’t miss this opportunity to gain a crucial understanding of the current market and equip your practice for continued success.

Mark your calendar:

• Date: Tuesday, April 16th
• Time: Midday (12pm) Qld time (please check the time for your state)

Ready to unlock the power of data and strategically navigate the current economic landscape?

Register here

We look forward to seeing you there and helping your practice thrive!

Advisory clients please book in for the annual workshop!

Our annual end of financial year workshop dates for 2025 for advisory clients:

Non Top Dogs – Sunshine Coast 2 September or Coogee Beach 5 September

Top Dogs – Sunshine Coast 1 September or Coogee Beach 4 September

Online – 11 September 

Reply to this newsletter to book in! Please book early as numbers are limited at each venue. 

Dog Tales!

Woof woof! My mom and dad always make sure I have a squeaky toy or a tasty treat after I’ve been a good boy, like when I sit and stay (even though chasing birds is way more fun!). It makes me feel so happy and important, like I’ve done a really good job. My mom NEVER uses the stick as an incentive because it would ruin our relationship and quite honestly make me turn into a couch potato instead of a working dog. Why on earth would I go to the effort of doing anything energetic if making an effort can result in such negativity.

I hear my parents talking sometimes about how humans who run the businesses where I can have my health looked after aren’t feeling so happy and rewarded. It seems that it may have something to do with the way a group of powerful humans called ‘politicians’ are treating them.

They say the powerful humans in government aren’t giving out any good boy treats or pats on the head to help small businesses keep doing their wonderful work of keeping pets healthy. In fact there seems to be less and less treats available in spite of having to work harder!  Furthermore they they seem to be using a stick and forcing them to do more and more paperwork for all sorts of things. Paperwork to a human, I am told, is the same as a dog like me being locked away in a ‘naughty boy’ room.

Maybe if those powerful humans called politicians had a furry friend like me, who needs a little encouragement and a yummy reward now and then, they’d understand that everyone, even those who run businesses, need a little incentive to help them wag their tails and keep going. It seems this years budget didn’t get it right. Arf!

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Latest News March 2025

http://www.aplaccountants.com.au

http://www.mytaxvet.com.au

Selling your business – choose the right buyer!

Are you thinking about selling your business? One of the most crucial decisions you’ll make is choosing the right buyer. A good fit can mean a smooth transition, a fair price, and the preservation of your legacy. A bad fit? Well, that can lead to headaches, financial losses, and regrets.

You’ve likely heard stories – some successful, some not so much.  A key factor in a smooth and profitable sale is understanding the offer and navigating the complexities of the current market.

Join us for our FREE web masterclass “Decoding the Deal: How to Assess Offers, Understand Market Trends, and Avoid Common Pitfalls When Selling Your Business”

This webinar goes beyond the basics. We’ll equip you with the knowledge to critically evaluate offers, understand the current sales landscape, and sidestep potential problems. We’ll cover:

• Deconstructing the Offer: Beyond the headline price, we’ll dissect the various components of an offer, including payment terms, earn-outs, contingencies, and other crucial details. Learn how to spot hidden risks and understand the true value of the offer.
• Understanding Current Market Dynamics: We’ll analyze the types of business sales currently happening in the market and discuss the typical outcomes for each. Gain insights into what buyers are looking for and how to position your business for success.
• Real-World Case Studies: We’ll share anonymized examples of recent business sales, highlighting both successful strategies and common pitfalls. Learn from others’ experiences and avoid making costly mistakes.
• Negotiating from Strength: Armed with market knowledge and a clear understanding of the offer terms, you’ll be better positioned to negotiate effectively and achieve your desired outcome.

Webinar Details:

• Date: Wednesday 12 March
• Time: Midday Qld (1pm NSW and Vic)
• Registration Link: https://us02web.zoom.us/webinar/register/WN_-We_cF4iRtalzgE6Jj7NKg

This webinar is essential for any business owner contemplating a sale, regardless of your timeline. Don’t go into this process unprepared. Invest an hour to gain the knowledge and confidence you need to navigate the complexities of selling your business.

Have you booked your quarterly meeting?

Advisory clients – you should have recently received your quarterly business report. We hope you’ve had a chance to review it, and we’re eager to discuss the findings with you in our quarterly meeting. Many of you haven’t booked in yet!

This report isn’t just a collection of numbers; it’s a valuable snapshot of your business’s performance, highlighting both successes and areas for potential improvement. It’s a crucial tool for strategic planning and making informed decisions about your future.

Why Your Quarterly Meeting Matters:

We understand you’re busy, but making time for this meeting is an investment in your business’s success. It’s your opportunity to:

• Gain Clarity: The report provides data, but we provide context. We’ll help you understand the “why” behind the numbers, identify trends, and uncover hidden opportunities.
• Develop Actionable Strategies: Together, we’ll translate the report’s insights into concrete action steps. We’ll brainstorm solutions to challenges and develop strategies to capitalize on strengths.
• Stay Ahead of the Curve: The business landscape is constantly evolving. Our meeting allows us to discuss emerging trends, anticipate potential roadblocks, and proactively adjust your strategy.
• Stay Accountable: We’ll review progress on previous goals and set new targets for the next quarter. This accountability ensures you stay on track and achieve your business objectives.
• Ask Questions & Get Expert Advice: This is your dedicated time to ask any questions you have, no matter how big or small. We’re here to provide guidance and support based on our experience and expertise.

What to Expect:

Our meeting will be a collaborative discussion. We’ll review the key findings of your report, focusing on areas that are most relevant to your business goals. We encourage you to come prepared with any questions or concerns you may have.

Ready to Schedule?

If you haven’t already, please book in https://aplaccountants.com.au/meet-with-a-consultant/ to schedule your quarterly meeting. 

We look forward to catching up with you soon and helping you take your business to the next level.

Dog Tales!

Woof woof, parkour pals! Beckham here, your resident four-legged free running fiend. You know that feeling when you’re leaping over a picnic table, scaling a slide, landing a perfect roll on the grass? Yeah, that’s business ownership, folks! It’s all about navigating unexpected obstacles, finding creative routes, and landing on your paws (or, you know, your feet) after a wild ride. Some days you’re soaring, other days you’re dodging rogue snakes, but the thrill of mastering the course, the sheer joy of the jump? That’s what makes it all worthwhile. Keep those paws moving and those tails wagging!

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Latest News February 2025

http://www.aplaccountants.com.au

http://www.mytaxvet.com.au

Practice closures in USA indicate tough times are here

On the 31 January, this article was published in the VIN news service:

“VCA Animal Hospitals will permanently close at least 17 urgent care practices in five states today, judging from announcements on each practice’s website. Seven remaining urgent care locations are listed on their websites as open today and have no announcements about permanent closures.

The closures mark an apparent reversal of strategy for the company, which 2½ years ago announced its first urgent care center in Mar Vista, California, and plans to open in future locations.”

While Australia often appears more resilient to global recessions, it’s crucial for veterinary businesses to remain vigilant. Recent data reveals a concerning trend: declining patient visits, mirroring similar reports from the UK and highlighted by the recent closure of 17 VCA Animal Hospitals urgent care practices in the US. This suggests a potential shift in the veterinary landscape that demands attention.

A key challenge facing Australian veterinary practices is the escalating cost of wages. Historically, staff wages (including superannuation) have typically comprised 41-43% of turnover. Alarmingly, many practices now report wage costs exceeding 50%, severely impacting profitability and threatening the long-term viability of these businesses. In some cases, owners might be financially better off as employees.

Several factors contribute to this wage spiral:

• Increased sick leave and the need for additional staff to cover absences.
• Growing administrative burdens related to wage awards, contracts, and payroll.
• The rise of part-time employment, leading to more complex payroll management.
• The demands of social media marketing and its impact on administrative workloads.
• A perceived slowdown in consultation speed, potentially linked to increased note-taking requirements.

Practices that proactively address these issues will be best positioned for success. Key strategies include:

• Targeted Support: Identifying and assisting staff struggling with absenteeism or efficiency issues.
• Productivity Analysis: Regularly assessing individual performance to identify areas for improvement.
• Outsourcing: Delegating administrative tasks like bookkeeping and marketing to external providers, reducing payroll costs and management overhead.
• Workflow Optimization: Continuously reviewing and refining consulting room workflows and techniques through training.

Despite the challenges, there are emerging opportunities:

• Improved Hiring: As less efficient practices struggle, more qualified candidates may become available, easing recruitment challenges.
• Employee Ownership: Profitable practices are increasingly offering buy-in opportunities to key employees, fostering team stability and ensuring the future of veterinary-led businesses. This creates new pathways to practice ownership for veterinary professionals.

By adapting to these changing dynamics and focusing on efficiency, veterinary practices can navigate the current economic climate and position themselves for long-term success.

Web masterclass 19 February – Going into business with someone else

Join us this February for another educational webinar. This will have updated information on business structure types and tax implications. Effectively expand your business by bringing in partners that they have a vested interest in its success. From a buyers perspective, what should you look for when buying into business with someone else. What danger signs you should look out for that may mean it will not work out. As well as from a sellers perspective – if someone is looking to buy in, are there tell tale signs that they are not suited to business ownership.

Click here to register:

12 noon on Wednesday 19th Feb

https://us02web.zoom.us/webinar/register/WN_I8npdUBLRAOYcN0EctznMw

Dog Tales – Business is a balancing act, a risk and a reward

All the dogs at our office have to do the balancing act! In some shape or form we feel that the challenge makes us better dogs. It may involve riding a skateboard, a stand up paddle board or running across some complicated agility equipment – after all, excitement and personal development can come in many forms, we don’t have to be fussy. Alternatively we could choose to just eat our dinners, lie with our bellies facing the sun all day and live off the fat of the system, but we don’t think that this would allow us to develop to the best versions of ourselves.

It was therefore with great pride last month that we watched in awe as the most sedentary and timid member of our pack, Beckham, willingly decided to charge confidently across the agility dog walk for the first time – we never thought that he would be that kind of dog, but given the chance, he surprised us all. He has never been the same since! His confidence is now almost annoying.

Much like business ownership – which is also a balancing act. It involves skill and risk – two things that not every human is cut out for, but those who choose to do it and succeed manage to elevate themselves to the upper echelons of the pack and walk the streets with new found confidence.

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Latest News January 2025

http://www.aplaccountants.com.au

http://www.mytaxvet.com.au

Dates for client workshops 2025

Save the date more details will follow! Our annual end of financial year workshop dates for 2025 for advisory clients:

Non Top Dogs – Noosa 2 September or Coogee Beach 5 September

Top Dogs – Noosa 1 September or Coogee Beach 4 September

Watch those wages

In most of our client meetings lately, the hot topic has been staff wages and pay raises. While wages have stayed steady at 43% of turnover for our customers in 2024, just like the past couple of years, there’s a bit of worry about whether this percentage might start creeping up and nibbling away at profits.

What’s different now is that practices are starting to feel the pinch of price resistance. We’ve noticed that veterinary practices are seeing fewer pets. For almost three years, there’s been a downward trend in pet visits, and we’ve shared these stats at various conferences and webinars. The reason wages have stayed low is that practices have been balancing high wage demands with price hikes, which has worked well so far. But we need to keep an eye on how sustainable this strategy is and find a way to analyze it objectively.

Remember about 18-24 months ago when the big challenge was recruiting and vet shortages? Many practices got into the habit of approving wage increases to keep staff turnover low—a smart move back then, but is it still the right approach now?

Lately, we’ve seen some practices where wages have shot up to over 50% of turnover. Even though these practices have seen some revenue growth from price increases, it hasn’t been enough to cover the wage costs. Once a business hits that 50% mark for wages, it gets trickier to keep profits reasonable.

Run a ‘lean’ business

If you joined us for the web masterclass with Alison Lambert on “Recession Tactics for Vet Practices,” you might recall her insights on running a ‘lean’ business. It looks like that’s the current trend in the UK veterinary industry, and it’s likely to catch on here in the next six months.

With the economy shifting so quickly, practices are moving from the high wage days of the COVID boom to really considering how many team members they truly need.

So, how do you tackle this if your wage expenses are starting to feel a bit too high? Here are a few things to keep an eye on:

1. Are there folks in your practice who aren’t billing as much as others? We’ve noticed that in many practices, some clinicians can bill 20-30% more, and the difference in earnings for the same roles can be as much as $200,000 a year. While it might have been okay to overlook this during the boom, it’s not sustainable in a slowing economy. Our suggestion? Focus on your top performers and consider giving pay raises only to the top half of your team.

2. Is there too much administrative overhead? It’s a common issue where non-veterinary roles have expanded into long task lists that might not be necessary. Your clinical team is crucial every day, but not every admin task is. If you have full-time roles for things like complex bookkeeping, marketing, or social media management, think about whether these tasks can be streamlined or outsourced.

3. Efficiency is key. There’s often a lot of time wastage especially in consulting rooms where inefficiencies can sneak in. This can also happen in the hospital area with poorly planned surgical lists and procedures. If vets are struggling to keep consults on time, consider implementing a structured consulting room technique to keep things moving. And if procedures are overlapping, improve your bookings, communication, and team huddles to make sure busy days are well-organized to make the most of your time and resources.

Web Master classes for 2025

We have been rather organised and decided to pre-plan a provisional list of web master classes for 2025 and their dates so that everyone can see what’s in store. This is a provisional list, there may be some changes. You will still get invites to each event so don’t worry.

22 Jan Budgets, forecasts and your interim reports – this will be a clients only event and we will discuss the ways in which you can optimise the 3 monthly projection reports that we give you.

19 Feb Going into business with someone else. This will have all the updated information on business structure types and what it looks like to expand your business by getting people to come in with you so that they have skin in the game.

12 March Choosing who to sell to. Here we will look at the various types of sales that are currently occurring in the market, what the outcomes have looked like and bring up some of the possible problems we have seen in various sales.

16 April Economic conditions and and how veterinary customers are behaving. We will look at all the new data we are collecting from customer re-activations and reviews as well as the data from our ‘veterinary industry tracker’ and strategise on what practices need to be looking at in light of this new data.

May Understanding ‘owner loans’ in your business. The practice of business owners taking money out as a loan from their business (drawings) instead of through payroll and dividends. Most business owners do this, but it needs to be done with care and you need to be aware of the long term tax implications.

June Strategic pricing. A refresher on how to adjust your prices strategically in your veterinary practice and not annoy your clients.

July Vet wages. We will analyse what the wages are looking like at a point in the year where we are aggregating data for the end of the financial year. This will provide a timely update as to whether wages are starting to erode profits and what strategies to put into place.

Aug How to deal with the loss of over the counter sales by using injectables. We will at this point have a lot of information on how sales of products like Bravecto Quantum are doing and compare them to sales of Proheart which has a very similar sales process. We may also look at the long term sales of injectable arthritis medications. This group of products is something that is unlikely to go over to online suppliers.

Sept Important metrics for vet businesses. This will be an update on the important KPI’s we feel you need to monitor based on our data for the end of the 2025 financial year.

Oct Business unit reports. How analysing your veterinary team as individual small one-vet businesses can give very clear insights into the strengths and weaknesses of your team and actually show you how much profit each vet is making

Nov Cybersecurity for vet practices. A refresher on a very popular webinar where we will look at any of the new cybersecurity threats that veterinary practices are exposed to.

Dog Tales – Wishing you all the best for 2025

We cant believe another year has passed, and what an eventful year it as been! Dealing with the post COVID recession has presented us with a lot of challenges, but its good to see that most of our clients are still maintaining the same profit margins as in previous years.

And of course we need you guys to do well, otherwise there would be nowhere for us to take our new wayward sister Bambi when she gets sick!

With 4 urgent visits to vets in just 7 months, Bambi is doing her part in keeping the veterinary economy healthy. Her last visit just a few weeks ago was due to marijuana ingestion whist out doing her human scenting and tracking training, so she definitely finished her 2024 in ‘party mode’. 

Whilst we don’t wish any bad fortune to other doggies out there, hopefully 2025 will bring back an increase in pets visiting their vets now that Bambi is setting a trend.

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Latest News December 2024 http://www.aplaccountants.com.au

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Always get your data migrated if you change your practice management system

Practices changing their software provider is quite common these days with all the choices of available providers and many practices moving to various cloud systems to free themselves of their in house servers.

It does however come as a surprise that occasionally a practice will opt to use a new system and not have their data copied across from their old system – probably one of the worst management decisions you can make!

It is not uncommon for a software provider to quote quite a high charge for a data migration because it is quite a lot of work, but having all the required business and patient information available in your new system will save you hundreds of thousands of dollars in future pain in inefficiencies, missed reminders, poor customer experience, loss of adequate long term prescription history and loss of your ability to track financial data. 

Be wary of software providers that advise you not to migrate your data! The very fact that they have suggested this means that they just want to close a sale and probably do not have the in house capability to do the job – a red flag for their customer service. If they cant migrate your data, then select a different software company.

Also, to avoid the future pain, not only should you have a data migration, but you should spend a bit of time to make sure that it has been done correctly.

Here is a quick checklist of the things you should look at:

Check patient records:

• Search and select 20 patients in your old system. See if you can find the same patients in New System. This is a quick check that you can find the appropriate patients
• For these same patients look at their clinical notes. and make sure that the clinical notes are the same
• For these same patients look at their reminders and make sure that the reminders are the same. To see reminders on New System, click on a patient name and select the  ‘reminders’ tab.
• For these same patients check all the signalment information on New System and make sure that the information is there in the format that you want it. Make sure that there are not additional pieces of information that you store on your old system that is missing on New System.
• For these same patients check patient weights and make sure that the weights in New System and your old system are the same
• For these patients, make sure that the date of birth in both systems is the same
• For these same patients check the history of the products sold in the last 12 months. The new system and old system should list all the same products with exactly the same prices and invoice totals – this will verify financial information is correct.

Check customer (pet owner) records:

• Search and select 20 clients in your old system. See if you can find the same clients in New System. This is a quick check that you can find the appropriate clients
• Check that all telephone numbers are present especially mobile numbers
• Check that the address information is correct and properly formatted to look nice.
• Check that email address is correct

Check invoicing and pricing:

• Select any patient in New System and generate an invoice for 20 commonly used products and services. Save this invoice.
• Do the same thing in your old system with the same 20 products.
• Compare the prices on each system and make sure that they are the same and that the GST is the same. We would advise you to test your most commonly invoiced services. This is usually your consultation fees, vaccination fees and surgical procedure fees such as anaesthetics.
• Print out this invoice in New System. Make sure that it is formatted appropriately for your purposes and looks acceptable to you.
• If your old system uses ‘builds of materials’ or ‘procedure templates’ that automatically generate complex invoices, test a few of these in the New System OR understand that it may be impossible to migrate these and be prepared to manually create new ones.
• If the New System automatically sets reminders based on the items that are invoiced, check these. For example, if you invoice a vaccination it sets a reminder in a years time. Check that this happens by invoicing your vaccination products. When you save the invoice, New System should alert you that reminders have been set. 
• Make sure you know how to maintain inventory. Search for about 20 products in your old system and search for the corresponding 20 products in New System. Make sure that some of these are vaccinations 
• For each of the products below, click on them and look at all the product information. Make sure that the information in New System is the same as your old system.
• For each of the vaccination products a make sure that you understand how it will automatically set reminders and how to set this up otherwise you will lose money in 365 days time if reminders to not get automatically set.

Check reminder lists:

• Check your most important reminder lists in New System and compare it to the list in your old system. Bear in mind that the data in New System may be a few weeks old, but the patients listed for each reminder type should be very similar, especially in historic months.

Recent web masterclass on recession tactics for veterinary businesses

We hope you enjoyed our recent web masterclass with Alison Lambert with tips on surviving a recession. If you want to view the recording contact us and we will send you a link where you can get it for a $5 donation to a charitable cause. If you watch the recording you will understand why you cannot allow your customer database to shrink and why re-engagement of customers and customer opinions/surveys are so important.

Profitdiagnostix understands the importance of active client numbers in current times. That’s why they’re offering a limited-time discount to help you.

Get 50% off the first 3 months of their client reactivation or customer review services! These services can help you:

• Client Reactivation: Reconnect with inactive clients and bring them back through the door.
• Customer Review Services: Gain valuable insights into what your clients love and where you can improve.  Implement strategies to address any pain points and exceed expectations. Generate positive online reviews that attract new patients.

Ready to take advantage of this exclusive offer? Simply email their support team at support@profitdiagnostix.com before December 5th to activate your discount. Act now because you only have a few days to take advantage of the discount.

Dog Tales!

We can’t wait for Christmas and all our presents, yummy food and special walks! Our offices will be closed from midday 20 December until 9am 6 January to make sure there’s plenty of time to spoil us! If we run your payroll that will continue to be done whilst we relax after our big walks.

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Latest News November 2024

http://www.aplaccountants.com.au

http://www.mytaxvet.com.au

Webmasterclass – Recession tactics for veterinary businesses

Join us online with industry expert Alison Lambert on 28 November 6:30pm Qld/7:30pm NSW where she will discuss tactics to remain profitable in stressful financial times. Join us for this crucial webinar where she will share invaluable strategies to help your veterinary business thrive, even in the face of economic downturns. Discover proven tactics to retain clients, increase procedures, and maintain exceptional patient care. Don’t miss this opportunity to safeguard your practice’s future!

Click the link below to register:

https://us02web.zoom.us/webinar/register/WN_HhecmqXcTXGFJsBqxLmFKA

Limited 50% off special offer to reactivate patients and gather feedback on your team performance

For a limited time, Profitdiagnostix is offering exclusive savings on their powerful text messaging software! This tool is designed to boost client engagement, reactivate lapsed patients, and gather valuable feedback on your team’s performance. Streamline your communication efforts and enhance client satisfaction today!

The 50% off offer ends on the 9th November!

If you are interested please visit: https://profitdiagnostix.com/patient-and-client-reactivation-and-reminders-profitdiagnostix-revive/

Retaining clients with injectable preventatives

In today’s competitive veterinary landscape, retaining clients is essential for the long-term success of a business. One effective strategy is to promote injectable tick and heartworm preventatives. These products offer significant benefits for both pets and their owners, making them a valuable tool for client retention.

Benefits of Injectable Preventatives for Clients:

• Convenience: Injectable preventatives provide long-lasting protection, reducing the need for frequent dosing. This is especially beneficial for busy pet owners who appreciate the convenience of a single visit to the veterinarian.
• Peace of mind: Knowing that their pets are protected from serious, fatal diseases can provide pet owners with significant peace of mind. Have you considered the risk of a pet vomiting unnoticed after dosing a tablet and therefore being unprotected? 

How Veterinary Businesses Can Promote Injectable Tick Preventatives:

• Education: Educate clients about the risks of fatal diseases and the benefits of injectable preventatives. Highlight the convenience, effectiveness, and long-lasting protection offered by these products.
• Personalized recommendations: Tailor your recommendations to each client’s individual needs and preferences. Consider factors such as the pet’s age, breed, lifestyle, and geographic location.
• Client communication: Maintain regular communication with clients, reminding them of the importance of prevention and the benefits of injectable preventatives. Use email, text messages, and social media to reach out to your client base.

By promoting injectable preventatives, veterinary businesses can demonstrate their commitment to the health and well-being of their clients’ pets. This can lead to increased client satisfaction, loyalty, and ultimately, long-term retention.

Dog Tales – tricks and treats!

Woof, woof! Halloween is over, but the fun isn’t! We have had the best time trick-or-treating, and we got so many yummy treats. We’re still dreaming of all the bones and biscuits we ate. Now, just relaxing and enjoying the rest of the day. Hope you all had as much fun and yummy treats as us.

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Latest News October 2024

http://www.aplaccountants.com.au

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Are you needing to win clients back or find out what they really think of you?

Many clinics are experiencing quieter days and it’s time for many to get more clients visiting. We have been working with Profitdiagnostix and monitoring the client reactivation service. The additional profit from these reactivated clients shows that this is working well. We believe that in the current economic environment every single practice needs to be doing this! The only reason not to is if you are turning away consultations due to capacity constraints.
We have seen quite a few practices generate upwards of $40,000 additional sales in 3 months by using this service.

We are just also starting to measure the review service that has been launched which automatically asks pet owners to score the experience of their visit at your practice. This will be a good way to see what clients think about your service and team. It also filters the good 5 star reviews into Google reviews.

If you are interested please visit: https://profitdiagnostix.com/patient-and-client-reactivation-and-reminders-profitdiagnostix-revive/ 

2024 workshops

Our Brisbane workshops were a lot of fun this year, with two successive days of exciting ideas from the attendees. Its clear that going forwards a very important thing will be looking at the customer experience and making sure that your level of service remains exceptional in the light of price increases.

We will be in Sydney in October to run our workshops. Any clients that couldn’t make a workshop please make sure you’ve had an annual meeting with us so we can help you plan for a successful 2025!

Superfund contributions – have you sorted out your paperwork?

Have you made extra personal super contributions in 2024? If so, you must give valid notice to your super fund. Once your fund confirms this, your fund will send you a letter with the allowed deduction amount specified. We need a copy of this letter in order to claim the deduction in your tax return. Otherwise, the ATO will not allow the deduction! Hence, we will not lodge your tax return until we receive your super fund’s confirmation letter. So best to get this organised as early as possible and send it to us to avoid any delays in lodgement.

Dog Tales!

The APL pack is growing! We welcome a new accountant, Joko, who is doing valuations and managing our bookkeepers. We also welcome a new bookkeeper, Donna. For those of you that have lost track of the pack members and who to contact this is a summary:

APL Accountants

Paolo and Anne – pack leaders
Renaei – accountant for valuations and business advisory
Joko – accountant for valuations and business advisory
Amanda, Donna, Joy – bookkeeping
Sharon – administration and keeping us organised

James Noble Accountants
Kezah and Peter – pack leaders and accountants for everything tax related
Florantes – accountant for tax
Helen – administration

The real Top Dogs pictured above are Strudel and Chica, with their seconds in charge Beckham and Bambi. They are in charge of treats, playtime and most importantly daytime naps.

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