Management reports–What is essential for veterinary practice managers and technicians (Proceedings)

Veterinary Practice Managers and Technicians are bombarded with financial information. Given this, determining which information to focus on can be an important task.

A few important things to consider about management reports:

     – Frequency of information. Some items should be looked at daily. Others weekly. Some only once or twice a year.

     – Set up reports to be as automated/easy to prepare as possible.

     – Determine who prepares these reports.

     – Determine what are you looking for when you review these reports.

     – What action should you take based on the information you've reviewed?

Management reports are only as good as the information they are created from. Always ensure that your source documents are accurate and timely.

Source documents to have available:

     • Daily Totals

     • Accurate bank balance

     • Payroll registers

     • Doctor production reports

     • Monthly Production Reports by Service Area

     • Bills/Disbursements/Checks Written

Management Reports to Review:

Daily/Weekly

1. Flash Reports - Daily

     a. Daily Revenue

     b. Daily Deposit

     c. Daily A/R Balance

     d. Daily Checking Account Balance

     e. Client Visits

     f. New Clients

2. Flash Reports - Weekly

     a. Weekly Revenue

     b. Weekly Deposit

     c. Weekly A/R Balance

     d. Weekly Checking Account Balance

     e. Client Visits

     f. New Clients

     g. Cash Flow

3. Others

Monthly

1. Profit and Loss

2. Balance Sheet

3. Statement of Cash Flow

4. Doctor Production vs. Doctor Compensation

5. Others

Quarterly

1. Profit and Loss = Budget vs. Actual

2. Others

Annual

1. Profit and Loss = Budget vs. Actual

2. True Profit Analysis

3. Value of Practice Analysis

4. Other

Other reports to review and consider:

     • Accounts Payable Aging

     • Accounts Receivable Aging

     • Inventory Count

     • Overtime Analysis

     • Accrued Vacation/Sick time