Author Archives: willipenderberger

APL Accounting News May 2019

May

The dates for our client workshops are as follows:

Tuesday 27 August –  Sydney
Friday 6 September –  Brisbane plus web streaming for this event if you prefer not to travel.
Tuesday 29 October – Melbourne

Book a date with us, some venues have limited spaces!

ATO Natural Disaster Relief

If you were affected by the North Queensland flooding in January and February 2019, you may be eligible for a payment and lodgement extension to 31 May 2019 with the ATO.

For full details and the postcodes affected vist the ATO here.

APL Web Masterclass

Just another reminder we have a web masterclass planned each month focusing on a different strategy to improve your best practice performance, staff engagement, and your clients overall experience. Each month our masterclass will focus on one thing and we will be recording your results using Profitdiagnostix to see how well you perform.

We will be selecting a charity through B1G1 and making a donation to the chosen charity for the month based on your performance.

15 May Improving vaccination numbers

Repeat Consultations – how did you do?

For all the repeat consultations performed in April we will be giving orphaned children in Thailand access to educational books.

And according to Profitdiagnostix, our wonderful veterinary family has performed 6,102 repeat consults for the month of April – so that will be 6,102 days of access to educational books – well done.

Of course, in case you did not remember, or even worse if you did not attend our wonderful web event with TEDX speaker Paul Dunn, each attendee raised money for 100 meal deliveries to school children in India – and there were 300 attendees, so that makes 30,000 meals delivered.

Paul, a global business advisor spoke about ‘customer experience’ and connecting to customers in the context of a Veterinary business.

If you could not make it, watch the web event here:https://vimeo.com/330943393/1dee07b15b . Or even get your team to watch it, Paul is a fun guy to listen to.

And of course Paul would love to see some vet clinics join the hundreds of other businesses using B1G1 (https://www.b1g1.com/businessforgood/new-sign-up/) to connect to their customers using the power of giving. Let’s face it, if we can do it as boring accountants, then so can you as a funky vet practice.

Superannuation Contributions

As 30 June is steadily approaching you may want to check out your superanuation contributions so that you can make the most of any tax deductions.  The concessional contributions cap for any age remains at $25,000 this year, so if you have thought about topping up your super now is a good time to do it.

Please keep in mind that the contributions you paid last year in June 2018 may have taken until July 2018 to hit your account so you may want to order a statement from your super fund to make sure you include those contributions in any calculations for your 2019 financial year.

If you are unable to top your super up this year, the ATO has introduced carry-forward concessional contributions from 1 July 2018.  This means if you were only able to put $20,000 into your super for 2019 financial year, then you will have an extra $5,000 that you are able to top up with in 2020 financial year (on top of the $25,000 cap for 2020) if you choose to.

The first year you can use this will be the 2019-2020 financial year but only if you have a superannuation balances of less than $500,000. Unused amounts are available for a maximum of five years, and will expire after this. For more information click here.

The Vetprac workshop for buyers and sellers – Brisbane dates

If you are wanting to buy or sell a veterinary business in the next 12 months this workshop is for you!

Exit Strategies 24 May https://www.vetprac.com.au/wp-content/uploads/2018/12/Exit-Strategy_2019.pdf

How to buy 25 May https://www.vetprac.com.au/wp-content/uploads/2018/12/Buyers-Seminar_2019.pdf

If any of you are attending we’ll see you there!

Dog Tales 

After having a ring for Chica for over a year before he prophosed – Studel has finally wed the girl of his dreamphs. Their vowphs were exchanged in a phmall beachside town in a quiet intimate ceremony. Chica has promised to love and cherish him, his over bite, missing tooth, inability to prononce an ‘s’ and all the other quirks that come with a sausage dog. She snagged a good one … (See what I did there?)

Our Profit Diagnostix wizard/bookkeeper Deb also got married recently.  Congratulations to her and her new husband!

APL Accounting News April 2019

April

Reminders

The dates for our client workshops have been released 

Tues 27 August –  Sydney
Fri 6 September –  Brisbane plus web streaming for this event if you prefer not to travel.
Tues 29 October – Melbourne

Book a date with us and mark one of these off on the calendar as more details will follow soon!

APL Web Masterclass

Just another reminder we have a web masterclass planned each month focusing on a different strategy to improve your best practice performance, staff engagement, and your clients overall experience. Each month our masterclass will focus on one thing and we will be recording your results using Profitdiagnostix to see how well you perform.

We will be selecting a charity through B1G1 and making a donation to the chosen charity for the month based on your performance.

Mark these dates in your calendars as they are events not to be missed! 

  • 17 April – Improving the client experience with a 4 times TEDx speaker
  • 15 May Improving your number of vaccinations

Consultation results for March

March was all about  consultations and was complimented with a great web event on consultations. We also wanted something special to happen when your practice performed consultations – and so for every 250 consultations performed by our wonderful client base, a rescued animal in Nepal also received a consultation and some much needed medical help. All this thanks to b1g1.com which allows us to combine a ‘giving experience’ with your business performance.

By the end of March, 150 animals in Nepal were given access to much needed medical care – so well done.

In April we will be focusing on Repeat consultations, and this was preceeded by our web even just a few days ago on Repeat consultations.

As repeat consultations are all about client education on the value of ongoing monitoring, we thought it fit to tie the experience in to something educational. So let your team know that in April, every repeat consultation they perform will go towards giving access to educational books to orphaned children in Thailand. We are hoping that our wonderful customer base will perform more than 6000 repeat consultations in April.

ATO paper Activity Statements

The ATO had previously granted some clients a temporary exemption from lodging their monthly activity statements electronically.  The exemption was given to allow these clients to transition to lodging online.

This exemption is no longer in place and activity statements will need to be lodged electronically once an activity statement is lodged electronically through the following:

– online services for agents

– practitioner lodgement service (PLS)

– portals

– Standard Business Reporting (SBR) enabled software

– when a client links their myGov account to the ATO

For more information click here.

Single Touch Payroll (STP)

If you employ 20 or more employees you should already be using STP as this was introduced by the ATO from 1 July 2018.  If you employ 19 or less employees you will need to begin using STP from 1 July 2019 if you haven’t already. 

Top Tip:  If you start using STP before 30 June 2019 you will not have to prepare payment summaries for your employees for this year.

If you use Xero you would have noticed a big white box in your payroll screen. Seriously, you can’t miss it!  To get things moving with STP click “Get started” then follow the on screen instructions.  Connection will require a call to the ATO however this is fast and painless (like ripping off a bandaid!). Make sure to have an ATO document ID within reach – usually a document number on a BAS or IAS is enough. This is to prove you belong to the entity and will also hinder random strangers setting up the STP for you.

In your Xero payroll code setups you will need to make sure your codes (which will be most codes) are ticked to be reportable at W1 on the IAS and/or BAS form.

Once you are connected to ATO, checked your codes, you are ready to lodge your payroll electronically and say goodbye to end of year payment summaries – and who doesn’t want to do that!?

Employees will be able to log in to their myGov app and see year to date tax and super information. When the employee’s income statement (previously payment summary) is tax ready, they will receive an inbox notification on their myGov app.

For employers more information can be found by visiting the ATO.

For employees more information can be found by clicking here.

Dog Tales 

Well, this newsletter has proven to be drier and more bland than store brand kibble.  Next month it needs to be livened up!  To make the APL tails wag in this office please send us some theme ideas for the newsletter.  It would make it more exciting for us to write, and no doubt more exciting for you to read.

Some of our personal favourites were Halloween, The Ekka, Boy Bands, Bon Jovi and most recently Queen.  Some of these themes and absolutely pawfect puns have been so stealth we didn’t even realise we had thrown them in until after we published!  True literary masterpieces.

Treats all round!

Strudel, Chica, Stella & Daisy.

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.

APL Accounting News March 2019

March

New equipment write off amount for small businesses

For once something in your favour! All small businesses (turnover less than $10 million) can now write off new equipment costing up to $25,000 (up from $20,000). This is until 30 June 2020. Remember this means that the full amount is a deductible expense (reducing profit and therefore your tax) rather than the depreciation amount of the item (which is only a small amount each year).

Who owns the data in my practice management system

You would be surprised to know that there are no laws in place to deal with the issue of data ownership! Intuitively one would think that if you have a list of customers, their contact details, some clinical notes and a whole lot of billing history, that the ownership of that information would rest with the business that deals with the customers.

Unfortunately this may not always be the case, and software providers sometimes feel that they have the right to either ‘lock’ practices out of their data OR even use the data for their own marketing purposes – yes their own purposes.
If you don’t believe us read this article published by Vin News, you may have thought we were overthinking things last year when we kept on at you about your data, well in fact it seems in many cases it’s not your data

https://news.vin.com/VINNews.aspx?articleId=51953

The question is, what should you do about it?

Personally, we feel that the veterinary industry has to get on top of this problem quickly. I would approach my software company (or new software company) and see whether their terms and conditions contain clauses that:

1. disallow them from using your data to directly approach customers (pet owners) for any reason whatsoever without your consent each time.
2. disallow them from selling your data or giving your data to any other parties where a conflict of interest may arise eg. provide your pet food sales data to a pet store to identify areas where there are high pet food sales through vets. If any market research is to be performed, you need to give your consent.
3. allow you unrestricted access to all your financial, customer, patient and reminder data – so that they cannot ‘lock you out’ of using this data the way you want to, to improve your business.

Move away from providers that are not proactive about your data – there has never been a better time to change software with so many new and modern systems available.

Don’t let your data get turned in to ‘doggy-doo’

There has been a huge amount of movement in the last few months with practices changing software.
Like it or not, in the modern business environment, you have to embrace progress, and at APL we are all about helping you do this and encourage practices to move to newer systems.

We would however like to issue a very strong warning about how your data gets transferred from your old practice management system to your new one!
We have had some clients in the last few months that have been caught out by very poor data migrations so we think that you need to be aware of the process and impact that this can have on your business.

Generally, your new software provider will do a ‘test’ data conversion and get you to review and approve it –  it is YOUR responsibility to do this properly.
In practices where this has gone wrong, the business owners have simply not given the converted data an adequate review because they probably did not know what to look for. Simply looking at your customer list and a few consults is NOT enough!

Here is what needs to be assessed and what goes wrong if it is done incorrectly:
1. All your customers, their contact details and patients need to be there – and they usually are because this is the most simple part of a data conversion.
2. All your clinical notes need to be present with the correct dates – this is obviously important because you need this to apply consistent care to patients. Again, this is normally transferred correctly.
3. People that owe you money (debtors) – many data transfers spend a lot of time getting this correct, to the point that they are prepared to ignore other more important issues in the data transfer.  Business owners also put a lot of emphasis on this, but the truth is, for a normal small animal practice, the number of debtors is reasonably low and in many cases it is easy enough to manually transfer debtors into the new system as this can be done in a couple of hours.

Unfortunately, this is as far as most practices check their data, but its not enough.

4. All your invoices have to be present with the correct date. This is not only a legal requirement, it is also essential because without this you will be unable to monitor historic trends for your business. Imagine not knowing for 2 years after changing software whether your practice is invoicing more or less than last year, or whether your customers are spending more or less.
5. All your invoice items (the various products and services on each invoice) have to be present and tagged with the correct staff member and date. Without this you will lose the ability for 2 years to accurately monitor staff members performance eg. is Dr Dolittle’s average invoice value more or less this year vs last year. How many consults has Dr Dolittle been doing over the last 12 months vs Dr Who.
6. The total of all your invoice items over the year should roughly be the same as the total sales in your accounting software – this is a legal requirement should the tax office decide to audit your invoices.
7. Are all your vaccination reminders and triggers for these reminders present (sending and setting)? As soon as you start using the new system, you will need to be SENDING out reminders to patients who have had certain services such as vaccinations about 1 year ago – have these been transferred to the new system. Also, as soon as you invoice a vaccination in the new system does it SET a reminder sometime in the future correctly? A poorly run reminder system costs a practice $60,000 per vet per year – make sure that this is correct.

A few other things that you should expect:
A lot of business owners complain that “the data transfer did not transfer all my documents and templates”. The reality here is that older systems handle this sort of data very differently to newer ones and in many cases it is impossible to transfer this data across automatically – it has to be done manually. So prepare yourself for this as it varies between the software companies whether they do it or they expect you to do it.
What about things like digital xrays and laboratory reports? Again the way this is stored in different systems is highly variable and in some cases very difficult to transfer automatically. Sometimes the only solution is to keep these on the old system as a reference and look them up in the old system if needed. If this is important to you remember to ask the new software provider whether they can do it.

So where have we seen things go wrong?
Most of the data transfers we see will corrupt every single invoice and invoice item in terms of dollar value and date – this is the most common issue.
Second of all, most data transfers will not get all the reminders and all the triggers to set future reminders correct. Consider now if both of these scenarios are present – all historic vaccination dates are incorrect and you have no future reminders set – you can no longer even look back at a patient history to see when they had a vaccination and correct this manually. Say goodbye to $60,000 for each vet you have!
Finally, these incorrect data transfers leave the practice flying in the dark. Your most important KPI – how many active clients you have, relies on a 2 YEAR average of invoices and invoice dates. This means your most important KPI will be inaccurate for 2 years! The same applies for average client spend per year.
Other metrics such as average invoice value, revenue for each vet, how many consultations/vaccinations/ repeat consults you did in summer last year vs this year will also be incorrect.

So what should you do if you intend changing to a more modern system?
Simply, you need to assess your test data migration properly based on the above points. If you sign off on a bad data transfer, it’s your own fault, don’t blame the software company.
If you get stuck, contact APL Accountants and we will help you and advise you.

You made something special happen in January and February! 

January and February were all about being observant and looking carefully at those Xrays. And our enthusiastic APL clients took 1600 radiographs in January and about 1300 in February – 2900 in total were the number of patients radiographed.

And with each patient being radiographed, something special happened ti a child in Africa – they got a dose of vitamins, including vitamin A, which will help their eyesight. They may never have to look at a radiograph, but at least now they can continue to read and learn.

Thanks to our partners B1G1.com for making this type of global impact possible by using their apps.

Here are the results for radiography volume in the profession over a year – beats us why it fluctuates so much!

Dog Tales – too many bits and bytes

Really?! The whole newsletter had a technology focus!

We dogs don’t really care much about tech. It’s not our fault, our noses are wet so when we type with them, the keyboard goes snotty and breaks after just one day’s use. So to us, anything about computers and tech is meaningless ‘bits and bytes’. But we do understand the concept of ‘ownership’, each of us owns a number of human slaves for example. So the concept of data ownership is something we can relate to and feel fiercly protective about.

Don’t let the PIRATES out there steal what is rightfully yours!
If they try, let us know and we might byte their bits – that’s the sort of tech we can relate to!

Daisy below showing that she is serious about byting some bits

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.

APL Accounting News February 2019

February

With a burst of light, and a loud fizzle – there goes January!  Another One Bites the Dust.

APL Web Masterclass

Just a reminder we have a web masterclass (not just Radio Ga Ga) planned each month focusing on a different strategy to improve your best practice performance, staff engagement, and your clients overall experience. Each month We Will Rock You while you focus on one thing and we will be recording your results using Profitdiagnostix to see how well you perform.  We know there is a little bit of Freddie Mercury in everyone, performance is everything.

We will be selecting a charity through B1G1 and making a donation to the chosen charity for the month based on your performance.

Mark these dates in your calendars as they are events not to be missed! 

  • 20 February – Improving the number of consultations in your clinic
  • 27 March – Improving the number of repeat consults in your clinic
  • 17 April – Improving the client experience
Schedule may change Under Pressure depending on demand.

So what sort of special things are happening in the world at the moment?

It’s a Kind of Magic when something special happens to someone in need because of something that you do! But how does this magic happen? By using a charity portal called B1G1 (www.b1g1.com) we are able to create special impacts all over the world when you guys do something good at your practice.
So In December we said that we would give life saving malaria treatment to a child in Kenya for every cytology sample that you guys collected – and as a result you guys gave life saving treatment to over 3800 children.
Now in January and February we are going to be focusing on ‘One Vision’! Be thankful for your eyesight when you assess xrays because many children in Africa suffer from impaired vision due to lack of vitamins – they don’t need to assess radiographs, but they do need to be able to see properly to learn to read.
So for every single patient that you guys xray in January and February, you will also be contributing to a dose of vitamins to a child in Africa.

February due dates

So now that January is all sorted – Don’t Stop Me Now!  Here’s what needs to happen in February:

January IAS (if you pay PAYGW monthly) is due 21 February

December BAS is due 28 February

Super (if you pay monthly) is due 28 February

Since it’s Valentine’s Day month the APL Facebook page could do with some February love.  We’d love to see pictures of your pets! Click here

The dates for our client workshops have been released 

Tues 27 August –  Sydney
Fri 6 September –  Brisbane plus web streaming for this event if you can’t attend physically.
Tues 29 October – Melbourne

So mark one of these off on the calendar because if you don’t we will think you’re Slightly Mad.

Dog tales

I Want To Break Free!

We have Somebody to Love at APL HQ who is new to our pack.  Nurten has adopted a rescue cat.

Everyone at APL is looking forward to meeting Mischa, however we may have to stick to pictures for now as this is pretty much a dog office – because We Are The Champions!

Regards

APL Dogs

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.

APL Accounting News January 2019

January

We hope you enjoyed a break or at least some good cheer over the Holiday season and you are now ready for 2019.

Let’s hit the ground running 

Here is a simplified list of things to do in January:

1.  Payroll tax – If you are involved with payroll tax you have until 7 January to lodge and pay for the month of December. If you are in QLD, NSW or SA the Office of State Revenue has given an extension to 14 January to lodge and pay December payroll tax.

2.  BAS – December BAS is due on the 28 February if you lodge quarterly and use a tax agent, or 21 January if you lodge monthly and prepare the return yourself.

3.  Superannuation – Superannuation payments for December or December quarter are due before 28 January.

4. Benchmarking reports – If you are a quarterly or 6 monthly benchmarking client you will need to have your December figures ready as soon as possible to enable us to prepare your reports.

APL webinar series – What is happening this year?

We have a webinar planned each month focusing on a different strategy to improve your best practice performance, staff enagement, and your clients overall experience. Each month we will focus on one thing and we will be recording your results using Profitdiagnostix to see how well you perform.  We will be selecting a charity through B1G1 and making a donation to the chosen charity for the month based on your performance.

B1G1 is a company that organises charitable donations in small increments which suits our purpose for what we are going to achieve here.  We plan to tie together the donation recipients with the theme we have for the month.

Mark these dates in your calendars as they will be events not to be missed! 

  • 30 January – Improving the number of xrays in your clinic
  • 20 February – Improving the number of consultations in your clinic
  • 27 March – Improving the number of repeat consults in your clinic
  • 17 April – Improving the client experience
Schedule may change depending on demand.

Cytology results from December – how many lives have breen saved?

We know that cytology saves lives, for example identifying that ‘lipoma’ that end up being a mast cell tumor when looked at under the microscope. But to make double the impact, as promised for the month of December, for every cytology sample collected by you guys, we will be donating to buy a dose of malaria tratment for someone in Africa.

So how did you guys do?

3894 cytology samples were collected by the practices using APL Accountants in one month!

That means that 3894 children in Africa will receive life saving malaria treantment!

Improving the number of Xrays in your clinic for January

The month of January will be all about Xrays, and taking more of them so that you can increase your diagnostic accuracy. Because xrays are something visual, we can do something special for someone’s vision for every single xray you take.

In Africa, blindness due to lack of vitamins is common in children, so for every xray you take, we will donate a daily dose of vitamins to a child:

Dog tales

We had a fantastic break and with our new life jackets that we got for Christmas and we got to do lots of paddling with mum and dad. We are definitely ready to hit the ground running despite our sea legs, and are looking forward to the new year! Please note in the photo, the ‘power of delegation’ – we delegated the task of propelling the paddle board to dad and left the task of ‘enjoying the view’ to ourselves.

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.

APL Accounting News December 2018

December – it’s finally here!

Single Touch Payroll (STP)

By now you would have heard whispers here and there about Single Touch Payroll.  This means it’s now possible to lodge your payroll electronically with the ATO.  In fact, if you have over 20 employees or more you should be now using STP as it is now required from 1 July.  Once set up it means that you will no longer have to do payment summaries at the end of the financial year and all employees payroll information is available to them through MyGov.

If you use Xero and employ over 20 people you may have noticed a big white box in your payroll section.  This is where you go to set up to get things rolling.

Before registering (in the big white box), make sure your payroll codes are set up to be included at W1 on your BAS and IAS. Click on the code, open it up, and make sure you tick “include at W1” where applicable (which will be most payroll codes).

After that it is quite simple, open the big white box and follow the on screen instructions.  However this will require a call to the ATO to have it activated.  We know, we know … but from our experience this will take approximately 5 to 10 minutes on the phone, instead of the usual 28 working days, so this is actually a pretty good outcome.

If you have less than 20 employees and also have the big white box appear it is ok to set up STP for yourself as well.

For more information visit: https://www.ato.gov.au/Business/Single-Touch-Payroll/

How much difference did your dental performance make in the world

The results are out! November was dentistry month for APL and for every dental you performed, we gave a day of dental hygeine to a child in the third world.
What’s more, for every 40 dentals we donated to a full dental check-up to a person in the 3rd world at risk of dental disease.

So did your actions make a difference? Here are the results:

Yes, you guys completed 1700 dentals in November, and now something very special will happen:

  • Underpriveliged children in India will receive 1700 days of preventative dental hygeine
  • 43 people in an underprivelidged area will receive a full dental check up

So give yourselves a pat on the back and share this with your team – your dentals made something special happen!

Your cytology samples will give ‘the gist of life’ for December

So for the month of December we would like you to focus on ‘bugs under the microscope’ – cytology! And what better way to celebrate every single cyological sample than to give a child in Africa life saving malaria treatment (Malaria is a protozoan disease which of course can be identified on the microscope). We think that this would be a very special Christmas gift for a family in Africa so we will use Profitdiagnostix once again to measure the number of cytology samples that all of you collect. And for each sample we will fund malaria treatment to a child in Africa using the online charity B1G1 (www.b1g1.com).

Please feel free to share this with your team to inspire them to save lives in both pets and humans (we can’t argue that sometimes that fine needle aspirate is indeed also a life saver).

Also, in keeping with the theme of ‘bugs under the microscope’ we will run a December webinar on ‘cytology’ and find out what some practices have done to inspire frequent use of cytology as a diagnostic tool.

This web event will be held on December 12th at midday Brisbane time (1:00pm VIC and NSW) – 45-60 minutes duration.
You can register here: https://zoom.us/webinar/register/1315426881059/WN_QQOOJ3UZRSqaS6EalXQxJA
All your team are welcome, these events have a strong clinical focus and its all about high standards of care, not money.

Fringe Benefits Tax (FBT)

We had a few queries about this last year, so we have decided to include it again in our December newsletter this year.

Don’t let the ATO crash your party!  We’re all about having fun here at APL but we are also accountants therefore ‘rule followers’ – even when we party!

The ATO have some grinchy rules in place to make sure they put a damper on things.  Here is a summary:

The gifting process must be ‘irregular and infrequent’ (much like Strudel and Chica’s display of obedience and recall).  There is also a limit of less than $300.  Anything of $300 and over will incur a fringe benefits tax obligation.  Any gift under $300 will not incur fringe benefits – but is it a deductible expense?  It is only deductible if it is not classed as entertainment.  For example:

1.  You buy your staff member and their pet (of course) a bag of treats worth $100 (it’s a big bag).  This is a deductible expense and no fringe benefits is triggered.

2.  You take your team out to a (pet friendly) restaurant and the meal costs $200 per head.  This does not trigger fringe benefits tax but is not a deduction either because meals out are classed as entertainment (regardless of how tame the gathering is – it’s still entertainment).

3.  You buy gifts worth over $300 for each staff member.  This is like taking your dog to a no dog beach.  Of course it’s possible to do, a ton of fun, your dog will love you and you will probably get away with it 80% of the time, but this would trigger fringe benefits tax, and you would be hit with a penalty and a ton of paperwork that no one wants to take care of.

With these 3 scenarios in mind – party as you wish!

For more information visit: https://www.ato.gov.au/General/Fringe-benefits-tax-(FBT)/In-detail/FBT-and-Christmas-parties/

Our trading hours over the Holiday break

We will be closing at midday on Friday 21 December 2018 and we will reopen again on Monday 7 January 2019.

If there is an urgent matter between these times please contact Anne.

Thank you!

With another year down we’d like to thank each and every one of you for a wonderful year.  We’d also like to take this opportunity to wish you all the very best for the Holidays and New Year.  May it be safe, merry and prosperous!

Dog tales

Single Touch Payroll has arrived, so we decided to take matters in our own paws and test how easy it really is.

Chica volunteered to make a video for those of you who may find it difficult:
https://drive.google.com/file/d/1Nap58o5-GrFHNtHNCTmoBry3G0EN5-LZ/view?usp=sharing

Say (or bark) no more!

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.

APL Accounting News November 2018

November 

Remember that for every dental that you do in November, something special will happen

For the month of November we will be counting all the dentals done by our clients using profitdiagnostix. For every dental done APL Accountants will be donating to charities in Morocco and India via B1G1. Isn’t that cool that every time a pet here in Australia gets dental care, somebody in a third world country will also get access to dental care! B1G1 is a clever online system that allows you to connect events that happen in your business to charitable donations elsewhere.

We will keep you updated on how this goes at the end of the month, but those of you using Profitdiagnostix can inspire your team by telling them that every dental they complete will change somebody’s life in Morocco or India.

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Dental Webinar for Everyone

 7th November12 noon Brisbane time, 1pm NSW And VIC.

Keeping in theme with dentistry, we will be holding a dental webinar on the 7th November where we interview a top performing dental practice and find out how they managed to get such great result in this area of pet wellness.
This web event will be the first in a series of 12 held each month that will cover all the important strategies that veterinary practices can apply to improve both their level of patient care and their profitability.
If you wish to register for this 45 minute webinar please click this link:

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New team member joins APL

A big welcome to Joy Li who has just joined our bookkeeping team.
Joy has a Diploma in Accounting, is a registered BAS agent and brings with her a wealth of experience.

Online appointment scheduling

As we have all discovered in our annual workshops, customer convenience is very important and veterinary practices offering online scheduling seem to get more new customers. At APL we like to test, apply and implement everything we learn so we have decided to offer this same convenience to you so that you don’t waste time playing phone tag with us.
Instead of playing phone tag with us you can now book a 10 minute phone call or a one hour meeting with Anne or Paolo by using their online appointment schedulers.
These can be accessed by using these links:
https://calendly.com/anne-apl
https://calendly.com/paolo-lencioni

Dog Tales 

Even furry staff members have been inspired by dentistry
When you don’t have opposable thumbs and therefore cannot hold a dental scaler or dental probe, getting involved in a dental promotion can be pretty difficult. We bark about it a lot, but not everyone understands a woof with a dental twist.
So instead, we decided to ‘take a bullet’ for the team and have our own teeth cleaned in the hope that our new sparkly look would inspire the world. Our only special request was that we could share a kennel and cuddle up during recovery.
Or course pre-operative bloods and fluids were mandatory – but you guys already know that right? And yes, we did try to chew out each others iv fluid lines – hence the ‘cone of shame’.

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.

APL Accounting News October 2018

APL web event series

After some feedback and strategy planning at our workshops over the last few months, we have listened and are pleased to bring you the following web based information events.
From November we are ditching our own quarterly themes and going with the topics provided for the web events. We feel it’s time to give someone less fortunate than us something special.  November will be dental month so to encourage more dentals and participation by you guys, we are going to be donating to charities in Morocco and India via B1G1 for each dental done at your practice!  That’s right EACH dental you do on a pet here will give someone in a third world country access to dental care – how cool is that!  So feel free to let your team and clients know that by helping pets with their teeth they are also helping someone else.
We can accurately measure the number of dentals across all your clinics on a daily basis using your Profitdiagnostix reports, so you won’t even have to fill in any questionnaires.
Print this out and hand it to your team, or even give it to your clients! At the end of the month we will let you know how many people this project has helped. Again, feel free to let your clients and team know.
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This is to certify that for the month of November 2018, every dental treatment given to a pet in our practice will also pay towards giving someone in a third world country access to dental care.
These donations will be managed through the online charity B1G1 (www.b1g1.com) and your dental performance is accurately measured using Profitdiagnostix software (www.profitdiagnostix.com)
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B1G1 is a company that organises charitable donations in small increments which suits our purpose for what we are going to achieve here.  We plan to tie together the donation recipients with the theme we have for the month.
Mark these dates in your calendars as they will be events not to be missed!
  • 24 October – Buying and selling vet practices with Tony Thelander and Simon Palmer
  • 7 November – Improving the number of dentals in your clinic
  • 12 December – Improving number of cytology samples you perform
  • 30 January – Improving the number of xrays in your clinic
  • Feb – Improving the number of consultations in your clinic
  • March – Improving the number of repeat consults in your clinic
  • April – Improving the client experience
  • May – Improving the number of vaccinations in your clinic
  • June – Implementing meetings in your business
  • July – Telemedicine catch up
Schedule may change depending on demand. Dates for the new year will follow over the next few months.

A force to be reckoned with

As you may know recently APL and ValuVet merged their valuations businesses under the ValuVet banner. One of the wonderful things about merging two businesses is that you become the sum of both business’ strengths. You are each able to add value that the other may not have had before.

Merging our Valuations business with ValuVet has brought many quivers to our APLs valuation offering bow. One of which is the ability to provide separate valuations for the hard assets of a practice alone (the equipment, fit-out separate to the goodwill).

Why would I need a separate valuation for the assets of the business?

There are several reasons:

  1. Finance. The bank financing the purchase / sale of your business will want to know how much of the money being lent is for the hard assets of the business
  2. Tax. While you don’t need to apportion the price paid for a practice in the purchase and sale legal documents, you will need to apportion them for tax purposes. A buyer will want to depreciate the amount paid for equipment post sale.
  3. Insurance
  4. Reinvestment projections. It is common for business owners who have been in a facility for a while to lose sight of:
    1. What is in the drawers and cupboards.
    2.  How old the equipment may be.

We are fortunate to be able to offer this additional service to our clients.

Is telemedicine going to disrupt the veterinary industry? 

Like it or not, and whether you agree with it or not, telemedicine is receiving a huge amount of government and public support in human health. As a result of this is it becoming clear that governing bodies have no intention of stopping veterinary practitioners offering the same sort of service!

At our last workshop, we covered telemedicine extensively right down to how easy it is to implement and what software an everyday veterinary practice can use to set up telemedicine consults in under a day. A lot of people emailed us and said that although they could not attend the workshop, they would love to be updated on telemedicine, so we recorded about 2 hours of this part of the workshop and have made it available online. For APL clients its free of charge, and for non-APL clients a fee of $300 will give you access to the whole video to watch as often as you like.

So if you are seriously considering online consultations or are feeling concerned that telemedicine may affect your business, please call us on 07 34880131 and we will give you access to this very informative video of our workshop a few weeks ago.

APL annual workshop – everyone welcome

Our last APL annual workshop for the year will be held in Sydney.  To make a booking for this please contact us by no later than 8 October on telephone number 07 34880131.
If you have never used APL Accountants services before, you are still welcome to attend for a fee – this fee is then completely refunded if you opt to use APL Accountants services after the workshop, so please feel free to give us a call.

The details are as follows:

Sydney – Friday 19 October 2018 at Sir Stamford, Circular Quay, 93 Macquarie Street, Sydney

Dog tales

It has been party central at APL HQ for the last week or so because a special little girl turned 2.  All dogs dressed in their party clothes to celebrate their workmate’s birthday in style.

We have a feeling this was just a warm up for Halloween dress ups as all the APL staff plan on dressing up this year for the work day.

Can’t hardly wait!

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.

APL Accounting News September 2018

September

This month draws our current quarterly “Boy Band” theme to a close.  Some of us are happier about this than others.  This quarter we have been concentrating on working as a team to get all the annual reports and client days prepared and also delivered on time – so You Got It (The Right Stuff) …

MmmBop, between collating these annual reports, doing NSYNC jigsaw puzzles, booking hotels and flights, and Step by Step having Melbourne client day run smoother than the chests of any boy band, all while having to observe the boy band posters surrounding us, we have a feeling that we may have just passed with flying coloured boxer shorts.

Our quarterly reward is yet to be fully discussed (and of course agreed upon), but rumour has it that we are going to lawn bowls again for a rematch which is OK because I Want It That Way.

Client Days

There are still a few opportunities to make our client days if you have missed our Melbourne event. However, there is no guarantee of any boy band type a cappella performances or any of us turning up in boxers around our knees – but that is probably not too disappointing.

Brisbane – TOP DOGS Thursday 6 September 2018 (invitation only) at Stamford Plaza, Edward St & Margaret St, Brisbane

Brisbane – Friday 7 September 2018 at Stamford Plaza, Edward St & Margaret St, Brisbane – live stream only available as now fully booked out!

Sydney – Friday 19 October 2018 at Sir Stamford, Circular Quay, 93 Macquarie Street, Sydney

Please note: We are going to attempt a live web stream from our Brisbane 7 September workshop.  If you could be interested in viewing this event could you please let us know by contacting admin@aplaccountants.com.au so we can sort out registration for you.

End of quarter bookkeeping tips

As September is the end of another BAS quarter we thought we might review some of the information you need to finalise the quarter if you do your own bookkeeping.

Make sure all items are reconciled up to the 30 September.  The bank account balances in your accounting software should agree with your bank statement at 30 September. If not, something could be missing or doubled up.

Your payroll report should balance with the wages that you have paid.  If not, you need to find out why and rectify.

Has everything from your suspense account been posted to the correct account?  The suspense really does kill accountants.

Have all expenses that have been paid for personally been included in a journal?

Have you closed or opened bank accounts that need to be set up in your accounting software?  Do you have any new loans that your accountant needs to know about?

New loans are often for new equipment with GST included.  It is really important that your accountant or whoever is preparing your BAS knows about these loans so that the expense and GST can be included on your BAS.

Don’t forget to lock your file!  Always lock your file after you have prepared and lodged your BAS for the quarter.  This prevents someone going in and making any changes.

It’s easier to ask for permission than beg for forgiveness

Every so often something unusual in the bookkeeping or payroll world will raise its head. If you are unsure it’s better to ask about it ahead of time, rather than ask after the fact which often requires amendments and relodging. These amendments may become time consuming and expensive to fix – and no one wants that!

Dog tales

While the staff at APL have been busy doing their work, the APL dogs have also been busy learning new skills. This has taken even more cheese than this newsletter could possibly contain!

Skateboarding is an incredibly useful skill to have and we dare say the dogs skateboard better than any of us. They will be trying to drop into bowls before too long (although probably just their food bowls … ).

Here is Chica on her skateboard (without her sausage friend, Strudel).  She is a sk8er girl, she said see ya later boi, he wasn’t good enough for her!

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.

APL Accounting News August 2018

August

Last chance for client day as our workshops start this month!

One last reminder for our annual client day.  If you are interested in attending one of the workshops, you can find out more here: http://www.myvetexpert.com

Melbourne – Friday 24 August 2018 at Stamford Plaza, 111 Little Collins Street, Melbourne

Brisbane – TOP DOGS Thursday 6 September 2018 (invitation only) at Stamford Plaza, Edward St & Margaret St, Brisbane

Brisbane – Friday 7 September 2018 at Stamford Plaza, Edward St & Margaret St, Brisbane

Sydney – Friday 19 October 2018 at Sir Stamford, Circular Quay, 93 Macquarie Street, Sydney

Please note: We are going to attempt a live web stream from our Brisbane 7 September workshop.  If you could be interested in viewing this event could you please let us know by contacting admin@aplaccountants.com.au

These expert days are open to everyone, so to avoid disappointment please contact admin@aplaccountants.com.au ASAP for more information or to discuss options if you are a non-client.

Some venues have restricted numbers so it is important you let as know ASAP which venue you will be attending.

New South Wales payroll tax rebate scheme

For those of you in New South Wales who may not be aware there is a rebate scheme available if you pay payroll tax and your employee FTE has increased consistently over 2 years.

For more information visit: https://www.revenue.nsw.gov.au/taxes/payroll/factsheet/jap

There is no need to worry about payroll tax in NSW if your payroll (gross wages plus super) is under the threshold of $850,000 per annum (for 2018 – 2019 financial year).  Payroll tax and the rebate scheme mentioned above does not affect everyone.

Adding value to valuations

APL accountants and Valuvet are delighted to announce a new partnership, which will see Australia’s two leading vet practice valuers join forces, to bring their clients a superior practice valuation service.

There is so much happening in the veterinary space with acquisitions and, incidentally, not just acquisitions from corporates, as these seem to be slowing down a bit. Rather, we are finding that a lot of younger vets are buying smaller practices, or wanting to buy into partnerships. It appears as if the flurry of corporate acquisitions has inspired many new vets to invest in their skills as business owners. This is good news for existing practice owners.

Based on this, there is a very important need to support both sellers and buyers of practices, with a fair and clear valuation service. One of the most important aspects of valuations is the valuer’s experience in the industry, and this comes only by doing a lot of valuations – a bit like orthopedic surgery – the more you do, the better and more precise you get. But, with the veterinary industry being so small, there are only a few people in Australia who have this experience. It therefore makes sense to bring some of the best people together and share their experience.

As a result, we are happy to announce that Paolo and Anne from APL Accountants have joined forces with ValuVet, bringing together some of the most experienced valuers of veterinary practices in Australia. All valuations will be done jointly through ValuVet, and no longer through APL Accountants.

ValuVet has over 40 years of experience in veterinary consulting and valuations with Tony Thelander, whom we are sure you all know very well. Paolo and Anne bring in further valuation and veterinary experience, as well as the accounting support and improved use of KPIs to assess practices.

We will be conducting on-site visits where required, to include separate asset and goodwill valuations. Tony will still be offering on-site consultancy services through ValuVet, for those of you needing somebody on the ground watching the running of your business, or talking directly with your team.

ValuVet and APL will launch this joint venture on August 9th, 2018

Be engaged

As accountants – numbers thrill us.  We like what we do and we also like sharing the joy with you.  When was the last time you looked at your Profit & Loss statement?  Does your bookkeeper prepare management reports for you?  Would they even know how?

Profit & Loss statements are an invaluable tool for your business and should be prepared at least monthly.  A Profit & Loss statement will help identify any problems that need addressing that could save your business thousands of dollars. The compounded affect could be disasterous if left until you have your tax done up to a year later.

So be engaged!  Know what your business is doing and compare your sales on a month of month, or quarter to quarter basis.

Dog tales

It is with sadness that Mya and Grizz our favourite border collies are moving on to new opportunities closer to home, and with them they are taking Nicole and Tori.  Both of them will be greatly missed by both APL staff and their clients, and we wish them well with their new endeavours.

Here is Mya giving Strudel a final hug.

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.

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