Veterinary CPA, bookkeeping & Tax Professionals for Michigan Businesses
Schultz & Associates has provided Veterinary CPA services to independent veterinary practices for more than 20 years. Today, our veterinary accounting team works with more than 100 independent veterinary locations. We use the VMG/AAHA Chart of Accounts to organize financial reporting around the way veterinary practices actually operate and to provide more meaningful financial analysis.
That experience gives us a strong understanding of the financial side of running a veterinary practice. Our veterinary accountants help practice owners with monthly accounting, payroll, tax planning and tax preparation. We also assist veterinarians when they purchase a practice, add locations, bring in new owners or prepare for the eventual sale of the business.
After working with veterinary practices for more than two decades, we understand where the numbers should be and when something doesn’t look right. By using the VMG/AAHA Chart of Accounts consistently, we can help practice owners compare results over time, evaluate key expense categories and better understand what is driving profitability.
Veterinary Accounting and Financial Reporting
Veterinary accounting should do more than produce a year-end tax return. The accounting system should give the practice owner useful information throughout the year.
Our veterinary accounting services start with accurate monthly financial statements. We structure veterinary practice accounting around the VMG/AAHA Chart of Accounts. Using consistent veterinary-specific revenue and expense categories makes the financial statements easier to understand. It also provides a better foundation for measuring practice performance.
Our Veterinary CPA services include:
- Monthly accounting and financial reporting
- VMG/AAHA Chart of Accounts setup and maintenance
- Veterinary practice KPI reporting
- Payroll processing and payroll tax filings
- Business and individual tax planning
- Business and individual tax preparation
- Multi-location financial reporting
- Practice purchases and sales
- Ownership changes and partner buy-ins
- Equipment and other major financial decisions
For practices that need ongoing veterinary bookkeeping, our accounting team can handle the monthly process from beginning to end. Because we already understand accounting for veterinarians, our conversations can focus on what the numbers mean rather than spending time learning how your business operates.
Tax Planning and Tax Services for Veterinarians
Good tax planning happens before the year is over.
Our Veterinary CPA team takes a proactive approach to tax planning. We meet with practice owners approximately three times each year to review projected income, estimated tax obligations, business changes and potential planning opportunities.
Depending on the practice and the owner’s goals, those conversations may include equipment purchases, depreciation, retirement plans, entity structure, reasonable compensation, practice real estate and other tax strategies.
Our veterinary tax services also include business and individual income tax preparation. Because the same team works with the practice throughout the year, tax planning and tax preparation are connected to the accounting rather than treated as separate services.
The objective is not to chase every available tax strategy. Our job as a CPA for veterinarians is to evaluate which opportunities make sense for the practice and its owners and make sure those strategies are properly implemented.
Veterinary Practice KPI Reporting
Accurate monthly financial statements tell you what happened. KPI reporting helps you understand why.
Our veterinary clients receive customized KPI analysis twice each year. Because the accounting is structured around the VMG/AAHA Chart of Accounts, we can evaluate important areas of the practice using consistent financial information.
We review revenue trends, payroll and staffing costs, key expense categories, profitability and other measurements that help practice owners understand how the business is performing. We also compare results with prior periods and relevant veterinary industry benchmarks.
The goal is not to overwhelm a veterinarian with another accounting report. We identify the numbers that deserve attention and help the owner understand what may be driving the results.
Accounting for Multi-Location Veterinary Practices
As a veterinary practice adds locations, the accounting becomes more important.
Practice owners need to understand how the entire business is performing. However, they also need to see what is happening at each individual location.
Our veterinary accountants can structure the accounting system to provide both consolidated and location-level financial reporting. Using the VMG/AAHA Chart of Accounts across each location also creates consistency as the organization grows.
This allows owners to compare locations, identify unusual changes and better understand where revenue and profitability are being generated.
For independent veterinary groups planning additional growth, having the accounting structure in place before the next acquisition or new location can make that growth much easier to manage.
Buying or Selling a Veterinary Practice
Buying a veterinary practice is both a professional decision and a significant financial investment. The numbers behind the transaction matter.
Our Veterinary CPA team can help evaluate the financial information of a practice before a purchase. We can also help with the accounting and tax issues involved in structuring the transaction and bringing the new practice into the owner’s existing accounting system.
For established owners, we can assist with partner buy-ins, ownership changes and the eventual sale of the veterinary practice.
Having years of consistent financial statements using the VMG/AAHA Chart of Accounts can also become valuable when it is time to sell. A buyer and its advisors can more easily understand the historical performance of a practice when the accounting has been maintained consistently.
A Four-Person Veterinary Accounting Team
Our veterinary clients work with a four-person team. The team is lead by Jason Lira. And Caelen, Sami and Jeffrey each bring a different area of expertise while working together to support the same practice.
Jason Lira — Partner
Jason leads the veterinary practice relationship and works with owners on accounting, tax planning and the financial decisions that come with practice ownership. He helps veterinarians evaluate decisions throughout the life of a practice, from growth and equipment purchases to ownership changes and eventual practice transitions.
Caelen Carstenson — Veterinary Accounting
Caelen works directly with veterinary practices on monthly accounting and financial reporting. He helps maintain accurate financial information using the VMG/AAHA Chart of Accounts. This gives the practice a consistent foundation for tax planning and KPI analysis. Caelen provides consolidated compilation reports for veterinarians who own multiple practices.
Sami Hampton — Veterinary Practice KPI Reporting
Sami takes the financial information produced through the monthly accounting process and digs deeper into practice performance. She develops KPI reports, analyzes trends and helps identify changes in revenue, expenses and profitability that deserve a closer look.
Jeffrey Schultz, CPA — Managing Partner
Jeffrey brings more than 30 years of accounting and tax experience to the veterinary CPA team. He works with practice owners on more complex tax planning, business structure, real estate, practice acquisitions and sales, and other significant financial decisions that arise during practice ownership.
Together, Jason, Caelen, Sami and Jeffrey give veterinary practice owners access to accounting, tax planning, KPI analysis and transaction experience from a team that understands the veterinary industry.
An Experienced Veterinary Accouting Team for Your Practice
Veterinary practices have been an important part of Schultz & Associates for more than 20 years. Today, we provide veterinary accounting services to more than 100 independent veterinary locations.
That experience allows us to provide more than accounting and tax preparation. Our veterinary accountants understand the financial information behind a veterinary practice and how the VMG/AAHA Chart of Accounts can be used to create consistent, meaningful reporting.
Whether you own a single veterinary practice or a growing multi-location group, Schultz & Associates can provide the monthly accounting, tax planning, KPI reporting and tax preparation needed to support the business.
If you are looking for a Veterinary CPA or considering a change in accounting firms, contact Schultz & Associates to learn more about our veterinary accounting services.