Our Services

Monthly Accounting and bookkeeping services:

Our Monthly Accounting & Bookkeeping Services are customizable to meet the needs of any practice. Whether you need organized numbers just to file your taxes or a comprehensive full-service accounting package, we have you covered.

Basic Bookkeeping Package

  • Enter, download, match, code, class and review all banking, credit card and other accounting transactions into QuickBooks Online using the American Animal Hospital Association’s standardized and customized chart of accounts each month and on an accrual basis.
  • Enter vendor bills into the accounts payable system, categorize all expenses according to AAHA COA, reconcile vendor invoices with statements, but do not pay vendor bills.
  • Review and record payroll checks, but no processing or submission of time to payroll company.
  • Record allocations and categories of revenue from Practice Information Management Software (PIMS) into QBO. 
  • Reconcile balance sheet accounts, including bank account, Accounts Receivable, Accounts Payable, and credit card payable accounts.
  • Review and research material changes from prior periods or outlying transactions.
  • Provide monthly financial statements.
  • Annual 1099 Reporting.
  • Work closely with tax preparer if any questions about the books arise during tax planning or preparation.


Business Essentials Package 

  • Basic bookkeeping package as listed above.


PLUS 


  • Cash management - processing payment for vendor bills in accounts payable system. Manage bank accounts and maintain sufficient cash flow for monthly business cycles and assist in calculating owner profit distributions. 
  • Payroll - Review employees’ time clock entries and processes and submit payroll using QuickBooks Online Time & Payroll programs. Manage and reconcile payroll liabilities. Review quarterly tax returns filed by QBO and be a liaison with QBO and any governing tax agencies regarding payroll issues that may arise.


Entrepreneurial Advantage Package 

  • Business Essentials Package as listed above.


PLUS


  • In-depth analysis of historical practice performance compared to current performance from both QuickBooks & PIMS.
  • Examine revenue, COGS, compensation and other material expenses by category and benchmark with your practice itself as well as industry standards. 
  • Calculate and monitor trends for company-specific Key Performance Indicators such as Lab income to expense ratios. 
  • Comprehensive financial reporting package including a dashboard with charts and graphs depicting trends.
  • Explain and teach management how to better use financial reports and practice production reports.
  • Quarterly consulting call with Summit Veterinary Advisor consultants to review financial analysis and help practice owners and managers better understand, use, and improve financial statements.


QuickBooks chart of accounts revamp:

Having a good, clean set of books is the strong foundation to any business's success!

Revenue


Create new and detailed general ledger revenue accounts in QuickBooks according to specific practice’s operations.

  • These will correlate with the main revenue categories in your practice management information system such as Exams, In-house Lab, Reference Lab, Surgery, Vaccinations, etc.


  • We will teach you how to use the new COA and support you during the learning process.


Compensation

Create new and detailed general ledger accounts for all the different positions of compensation. 


  • Since compensation is the largest expense in a veterinary practice, we incorporate detailed general ledger accounts that break out each position in the hospital. 



  • If using QuickBooks Payroll, we will map all of the employee’s gross compensation along with payroll taxes and benefits to the correct correlating general ledger accounts that will be recorded automatically with each payroll.

COGS

Create new and detailed general ledger cost of goods sold accounts in QuickBooks.


  • COGS is a veterinary practice’s second largest expense, so these need to be organized and broken out so that they can be quickly measured/analyzed, thus managed appropriately. 


  • We will also make sure these correlate with revenue accounts so that  the Income to Expense ratios can be quickly measured. These ratios ensure your margins are where you want them to be.


General & Administrative & Facility

Reorganize general ledger accounts to group them together for easier measuring. 


  • This will most likely be just moving a few accounts around as subcategories so that they can be easily viewed under parent accounts. 


  • We will also add account numbers to order them of significance as opposed to alphabetical order. 


  • All of this will be done in a way to keep prior year’s numbers comparable so that trends can be measured year over year as well as keeping the total numbers the same so that prior year’s tax returns remain reconciled with the books.

Profitability Assessment

Review profitability and practice production data over the prior three years and identify key areas that need attention.

Quarterly Financial Analysis

In depth analysis of historical practice performance and compare to current performance from both QB & PIMS. Examine revenue, COGS, expenses by category and benchmark with practice itself along with industry standards.

Consulting

  • Assist with setting up efficient accounting systems – for both start ups and mature practices.
  • Training bookkeepers how to enter transactions on an accrual basis to accurately match revenues with expenses for true profitability.
  • Implement internal controls to prevent or detect any fraud or embezzlement.

Our accredited valuation analysts abide by the standards of the National Association of Certified Valuators & Analysts (NACVA). These standards require us to perform an in-depth analysis of the business in order to determine the most reasonable and unbiased opinion of Fair Market Value possible.


Our valuation process includes a detailed analysis of the historical financial performance of the business as well as a wide variety of risk factors that can impact the long-term financial success of a veterinary practice.


Factors considered include:

  • Stability of profitability over the years analyzed
  • Ability to transfer the Goodwill of the practice
  • Environment study, which includes reviewing the competition in the practice area as well as local economy and demographics
  • Long-term stability of the practice;
  • Measuring the liquidity of the practice and available pool of buyers