In today’s world of specialization, more and more veterinarians and pet hospitals are hiring specialists to help them with legal matters, financial matters, insurance, practice brokerage and even real estate.
Veterinarian Law Firms
Veterinarian CPA Firms
Veterinarian Practice Insurance
Veterinarian Practice Brokerage
Veterinarian Practice Real Estate
In each of these cases, there are local generalists to provide these services and are located close to your place of business. Typically, a local generalist handles everyone from retail businesses to construction to whatever walks in the door. However, most savvy veterinarians will trade off location in return for a higher level of industry knowledge and expertise so they make the best decision relative to their competitors and minimize risk.
Whether you are a new veterinarian or a seasoned practitioner, there are law firms who are dedicated to the animal health industry who can save you tons of time and money by focusing on the animal health industry. The same is true for veterinarian real estate, insurance and accounting/tax. There are huge advantages to be gained by hiring a specialist who understands the nuances of the animal health industry.
For example, if you own a pet hospital, clinic or vet practice and suspect an employee is stealing cash, a generalist accountant would probably miss this and would not have a clue who to recommend as a specialist. However, a CPA dedicated to the animal health industry knows a couple experts to recommend. Or, hiring a VET CPA who has been trained on how to reduce the risk of fraud and theft can save you agony. This kind of advice is priceless.
Here are several other ways an animal health industry CPA can provide a higher level of service to you:
- Specialized tax planning techniques – The United States tax code is 67,204 pages long and there are 1,638 different forms. And as you make more money, the complexity increases dramatically which is why the US GAO says that taxpayers overpay $1 billion per year in taxes. To simplify this, animal health CPA’s focus on aspects of the US tax code that are most advantageous to pet hospitals and veterinarian practices and share techniques that can be harnessed to lower your effective tax rate.
- Purchase new equipment cost effectively – Animal health CPA’s understand how to finance equipment and expense it better.
- Cost comparisons – Animal health CPA’s have the ability to compare your costs versus similar hospitals, clinics and vet practices your size so you can understand areas to save money. This covers labor, overhead, fees for services, production, accounts receivable, and more.
- Due diligence on buying a practice – Most VET CPAs can help you avoid buying an overpriced or problematic business.
If you are looking to make the best business decisions for your animal health business, hire a specialist that understands our industry and has a network of experts to recommend as well.
VET CPA Association
All members of the VET CPA Association are licensed CPA’s and have been vetted. In addition, each VET CPA firm is provided with advanced training in proactive tax planning which is well beyond the state requirements for being a licensed CPA. This advanced training is designed to find loopholes, credits, deductions and strategies to lower your effective tax rate. While these methods are legal, they often require extra work that a generalist CPA would never consider to offset the incremental time demands.
If you’d like to hear from a VET CPA who is best suited for your animal health business, complete this form today.