Running a veterinary clinic can be very stressful and demanding. At Medvisor, our accountants work with a number of different veterinary clinics, which range from specialised clinics to general practices. Some of the veterinarians we work with specialise in surgical operation while other are more focused on general veterinary care and retail.
It can be difficult to balance animals, owners, staff, inventory, and cash flow, so having an accountant who knows your industry and your veterinary business to give you an edge over your competition. Our accountants for veterinarians can help you with compliance issues such as BAS, superannuation, GST, and PAYG. We can advise you on the best tax structure for your business and suggest strategies to create personal wealth and protect your assets.
Our accountants understand how important the right software can be when managing your invoicing, bookkeeping, and payroll. We take into account the needs of your business and your clinics accounting skills when recommending the best software programs, and we will train your staff to use the software. Many veterinarians make the mistake of buying accounting programs that are beyond their needs and level of accounting skill, which often leads to unnecessary costs associated with accounting and compliance.
Starting a veterinary business in Melbourne
Our accountants for veterinarians have mentored hundreds of veterinary business owners through the beginning phases of their business and have built up a reputation as the start-up specialists. If you are looking to buy into an existing veterinary business or start your own, there are many things to consider. You will need to establish your business structure, consider insurance, explore your financial options, complete GST and tax registration, and choose an accounting software program.
Our accountants can assist you in all of these areas as well as provide advice on how to prepare a marketing and business plan, and a cash flow budget. If you will be employing staff, we can help you with human resource matters including WorkCover, superannuation guarantee obligations, and payroll.
Our team of accountants has helped dozens of veterinarians get their business off the ground. We offer you our technical tax knowledge, marketing expertise, experience, and an intimate understanding of the veterinary industry.
Some basic foundations of starting a business include accounting software, appropriate and adequate insurance, lead generation websites, marketing plans, and the right tax structure. Your choice of business structure is critical, with a number of different options including a trust, partnership, company, or sole trader. When choosing the best structure for your business our accountants recommend you start with your end-goal in mind, as Australian tax laws are complex. Changing your business structure later on can trigger a capital gains tax and prove costly in the future.
When we provide advice on business structure we take into account:
- The entrance of new investors or business partners
- Maximise asset protection
- The risk profile of your industry
- Income tax minimisation
- Consider any tax concessions regarding future entitlement to discount capital gains
- All legal requirements in your industry
We often find business structures can be compromised based on how much importance is placed on each of these issues.
Poor record-keeping is one of the biggest causes of business failure, since accurate financial records allow you to make informed business decisions. At Medvisor, our accountants are more than just a bookkeeping service, and when choosing accounting software, we will always recommend a program that matches your needs and level of accounting skill. We support a range of different software options.
When starting your business, you need the correct tools. Our accountants can give you a checklist of start-up expenses, which broken down into several categories:
- Professional advice
- Marketing and signature
- Tools and equipment
- Vehicle and trailer costs
- Information technology costs
This checklist can help you to identify any establishment costs, which will feed into our estimated cash-flow budget template. This will help our accountants produce a forecasted profit and loss statement for your business’s first year. Our start-up checklist walks you through key business registrations you may require, legal issues, domain name registrations, branding, and insurance options.
If you are thinking about starting a veterinarian business, our accountants can do some financial modelling and prepare some ‘what if’ calculations to estimate your business’s best and worst-case profit scenarios. Our accountants can compare your business’s performance against competitors using industry benchmarks to understand what is working for you and what isn’t.
Marketing your veterinary business in Melbourne
Our accountants realise that veterinarians tend to rely on their reputation and referrals to grow their clientele, and while this is important, online marketing tools can be just as important. Many people are searching for local veterinarians online, so your website needs to make a good impression.
We have helped many clients create good quality, affordable websites that are compatible with tablets and smartphones. Our accountants will help you plan and build your website, assist you with content creation such as digital publishing and production, and optimise it for Google and other search engines.
If your website is missing key features such as calls to action, lead magnets, or landing pages we can help you build them and introduce you to strategies to drive more traffic to your website. Your brand should connect with your target audience and we can assist you with developing your logo, slogan, business name, and corporate brochures, as well as writing blogs, newsletters, and helping you harness social media to get more referrals. These marketing techniques can help your business reach its full potential.
At Medvisor, our accountant for veterinarians will help you understand the four best ways to grow your business as well as identifying key profit drivers. We will walk you through profit management strategies and quantify your business’s profit improvement potential.
The veterinary industry is challenging but can also be very rewarding. We can offer you a range of accounting, marketing, business, and taxation coaching services including:
- Tools such as start-up expense checklist, business plan templates, letterhead and business cards, and a cash flow budget
- Start-up business advice for veterinarians
- Tax registrations including TFN, WorkCover, ABN, and GST
- Wealth creation strategies and financial planning services
- Tax planning services
- Recession survival strategies
- Business succession planning
- Advice regarding the purchase or sale of your business
- Advice regarding workplace laws and employee relations
- Preparation of cash-flow budgets, profit projections, and business plans
- Bookkeeping and payroll services
- Business and risk insurance
- Preparation and analysis of financial statements
- Vehicle and equipment finance
- Monitoring and controlling sub-contractor and labour costs
Contact Medvisor for more information on veterinary accounting in Melbourne.