Veterinary business analysis instructions
Watch the video below to see how to complete the ‘business information’ section
Watch the video below to see how to complete the ‘financial data’ section
Another very useful feature that works in ALL the sections is that this tool works exactly like a spreadsheet. This means you can instantly add values in any cell which is particularly useful for this section. For example if your wages are spread over multiple accounts like ‘nurse wages’, ‘vet wages’, reception wages’, then you can just add all 3 in the wages section by entering an ‘=’ sign and then the calculation:
The entry below will automatically be converted to a total when you move out of the cell, just like any spreadsheet.
Payroll Data and Owners
The best way to get your payroll data is to go to the payroll reports of your bookkeeping software. Most systems have a report that lists the wages to each of your employees over a particular date range. This report is can be called a ‘payroll employee summary’ , but the name varies from system to system. The important thing is that it looks something like this and that it will help you to remember everyone that has worked for you over that period of time:
Once you have this information simply enter it in the appropriate area in the business tool and then add the roles for each person.
Also select ‘Y’ if the person is an owner or significant shareholder in the business. And for these individuals if they get paid a pension or superannuation amount, add it in the relevant column. This amount is also listed in the payroll summary report.
Watch this video to see how to complete the ‘payroll data’ and ‘owners and associated people’ section:
The transactional data is usually information that you get from your practice management system. It can be very variable in which reports this is stored as there are many systems available.
The tool applies some sanity checks to warn you if your entries fall very far out of the normal ranges. The system will still allow you to submit the data with these values out of range, however we do advise that you double check your entries if you get these warnings.
The image below highlights some key areas where this data is often submitted incorrectly:
- Active client number – this is the only data which is independent of date range. We ALWAYS want active clients to be counted over 365 days. By definition an active client is one who has been invoiced a positive dollar value in the last 365 days.
- The other data entries we expect you to use the SAME date rage as you have used earlier in the tool. The date shown next to each label replicates the date you entered earlier in the tool.
- This shows the ‘ok’ when the data you have submitted falls within what we feel is a reasonable range for the industry
- If the data looks incorrect the tool lets you know that there is a possible error. You can still submit your data with these warnings if you are certain what you entered is correct
The pricing section of the tool asks for a lot of prices. It should be a fairly simple process for you to look up your prices and complete this section.
You do not have to enter all the prices, you can even leave this section blank if you like, but then you will not get any pricing information on your report.
This part of the tool asks for prices for small animal, farm animal and equine services. If you do not perform some of these services just leave the relevant parts blank.
Mark as complete
This is the last section of the data collection. We will not process your submission until you have ticked the box – this lets us know that you are happy with the data you have entered. You can leave this box unticked and take as long as you like to complete all the data entry. You can even shut down your computer and come back to data entry days later – the data you have entered will remain there.
Once you tick the box, it will change to a green colour, your data will be processed in under 24 hours and you will receive a report in your email.