In the fast-paced world of veterinary medicine, efficient financial management is crucial for both the health of the practice and the well-being of the animals it serves. One powerful tool that can significantly enhance a veterinary clinic’s financial management is the American Animal Hospital Association (AAHA) Chart of Accounts (CoA). This framework provides a standardized […]
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As we enter 2025, it’s the perfect time to set your veterinary practice on a path toward success. The new year brings fresh opportunities for growth, efficiency, and improved client care. By taking a proactive approach to your financial planning, investing in technology, enhancing client relationships, and focusing on staff development, you can ensure that […]
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With the end of the year fast approaching, it’s a good idea to look ahead and think about when your tax returns will be due the following year. With the holiday season and the start of the new year, it can be very easy to lose track of time and have the tax deadlines come […]
On November 5, 2024, the United States elected Donald Trump to lead our country for the next four years. With the Republican party regaining control of the White House, they will look to extend the expiring tax reforms they implemented under the 2017 Tax Cuts and Jobs Act (TCJA). Here is an overview of some […]
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Opening a veterinary practice is a very exciting time for new owners. While galvanizing, the process requires veterinarians to incur copious amounts of expenses before opening the practice doors. This means that you could be personally liable for these expenditures if business bank accounts or loans are not already secured. Thankfully, practice owners can deduct […]
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Having worked closely with hundreds of veterinarian clients and business owners here at Granite Peak Associates, we make a point to provide high quality tailored services to allow you to focus more on the animals, and less on the accounting. With this mission in mind, it is important to highlight weekly business transaction review, along […]
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Classify the money you put in the business as owner loans, NOT as equity By classifying the funds as loans, you are giving yourself the ability to repay once the business has sufficient cash flow. In addition, all owner loans should be repaid prior to taking compensation. Hold off on taking compensation If possible, it […]
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