A Doctor of Veterinary Medicine can take multiple career paths, all of which will likely fulfill their passion for taking care of animals. These paths may include specialization, relief work, working as an Associate, etc. However, the path toward ownership is ultimately worth consideration as well. Becoming a business owner is not only a significant […]
Tag: Business Strategies
It’s Time to Revisit the Basics & Focus On Client Reminders
The advice “raise your prices and see more clients” is no longer sufficient for running a healthy veterinary practice. The latest VetWatch® Weekly Insight Report shows a year-to-date revenue increase of 3.5 percent compared to the same period last year at veterinary practices across the country. However, unique clients were down 1.3 percent, total invoices […]
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Sharing Financial Information With Your Team
We’ve all heard the saying “don’t discuss money, politics or religion in polite company” but I think there’s something to gain by sharing some of your practice’s financial insight with your team. I’m not saying you need to have an open-book policy, but there can be several benefits to divulging a few key numbers. Communicating […]
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Back to Basics: Why a Solid Operational Foundation is Key to a Successful Veterinary Practice
In the ever-changing competitive and demanding environment of veterinary medicine, a solid operational foundation is fundamental. From a business development standpoint, a solid operational foundation makes it easier to scale your practice as it grows. With clear processes and documentation, new branches or additional services can easily be added without disrupting the existing operations. Clear […]
The Peak Approach: A Summit View On Veterinary Tax Solutions: Case Study On Accelerating Deductions To Maintain SSTB Eligibility
The Tax Cuts and Jobs Act that was passed in 2017, created several sweeping changes to tax law, one of which was the implementation of the Section 199A Deduction. IRC Section 199A allows individuals with pass-through business income to deduct up to 20% of their qualified business income (QBI) from their taxable ordinary income on […]
Tips On Spotting Errors In Your Internal Financial Statements
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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Cash Method or Accrual Method?! And Why You Might Want to Consider a Change in Method of Accounting
One of the key takeaways from the Tax Cuts and Jobs Act passed in December of 2017, which took effect for 2018, was the threshold for requiring taxpayers to follow the accrual method of accounting. The threshold was increased from $5 million of gross receipts to $25 million. Now, businesses that average less than $25 […]
Deducting a Vehicle Through Your Business
If you own a small business, you may be able to deduct expenses related to your vehicle. Business use of vehicles can lower your taxable income and save some extra tax dollars. The general rule is you can either deduct mileage or actual costs. This requires a slight calculation to see which is more beneficial […]
Still Time For Small Business Owners to Set Up a SEP Retirement Plan for 2018
If you own a business and don’t have a tax-advantaged retirement plan, it’s not too late to establish one and reduce your 2018 tax bill. A Simplified Employee Pension (SEP) can still be set up for 2018, and you can make contributions to it that you can deduct on your 2018 income tax return. Contribution […]
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