How to Identify Financial Issues Before They Harm Your Business

There are many things veterinary practices can do to identify financial issues before they harm their practice. Karen E. Felsted, CPA, MS, DVM, CVPM, CVA, founder and president of PantheraT Veterinary Management Consulting, discusses a few things that practice owners should be doing.

First and foremost, Felsted says you need to make sure the financial data you're collecting is accurate. Then, you need to review it. A regular review of your financial statements and other key performance indicators is highly important, she continues. You also need to have a good quality accounting system for gathering data, and understand what the norms are for veterinary practices in your area.