WEBINAR: Boosting Your Financial IQ to Maximize Fiscal Performance:
WHY BUDGETING CAN PREVENT PROBLEMS AND RELIEVE STRESS
Wednesday, October 3, 2018
1:00 p.m. to 2:00 p.m.ET
Budgeting is an important part of running a veterinary practice, but often it gets lost in the busyness of day-to-day work. Budgets can benefit a practice in many different ways – allowing owners and DVMs to anticipate problems and make continuous improvements, enabling sound financial decisions, establishing accountability and even establishing incentives for key management personnel, to name a few.
Creating and maintaining budgets may seem overwhelming, but it is important to view it as an investment in the practice itself. In this session, attendees will learn what basic information is required to establish a budget and what other items need to be considered in order to make a budget comprehensive. Various types of budgets will be discussed as well as various methods for analyzing budget metrics.
A sample DVM budget, accounting for all the categories and types of expenses an animal hospital would encounter, will be shared with attendees, giving them a template for implementing a budget in their own practice.
Learning Objectives
1. Understand what basic information is required to establish a budget
2. Implement budget basics in the creation of a budget for a veterinary hospital
Guest presenter: Terence M. O'Neil, CPA, CVA
Terry O’Neil is the partner-in-charge of Katz, Sapper & Miller’s Veterinary Services Group. Terry provides veterinary hospitals with business, financial, and tax advice to assist with the growth and management of their businesses. He aids clients with tax and strategic planning, forecasting, budgeting, mergers and acquisitions and/or sales of businesses, debt structuring, employment incentive contracts, financing, business valuations, buy-sell agreements, and other business and accounting services. In addition, Terry is responsible for the preparation and review of financial statements and tax returns. Terry often speaks at conferences regarding profit improvement, veterinary business valuation, succession planning, financial benchmarking, and other business topics. Terry was previously the CFO for a group of eight veterinary medical practices and was a stakeholder in the business. He was also a regional financial analyst for a national veterinary medical practice. Terry is responsible for the management of the Veterinary Study Groups’ database of veterinary hospital financial data for over 400 hospitals across the country. Leading this database allows Terry to identify trends and opportunities.
Cost: Free