Financial management of a veterinary practice is challenging. Few veterinarians have much experience with setting up a strong accounting system, preparing accurate financial statements, planning for taxes, or analyzing data in order to determine service costs and pricing. Yet all of these tasks are necessary in order to build a financially successful practice.
At Cummings, Lamont & McNamee, PLLC, we provide customized services to meet the specific needs of your veterinary practice. We work with you in designing and implementing veterinary practice specific accounting and information systems that provide you with timely information needed to compete in today's veterinary practice marketplace.
We work with you to develop an accounting system that provides you with accurate, timely financial information so you can analyze your practice's performance and make sound business decisions. We do this by using technology to set up a system that minimizes duplication of accounting entries and maximizes efficiency and accuracy.
We work with you to establish veterinary industry benchmarks and evaluate your performance in order to increase efficiency, decrease costs and maximize cash flow and profitability. We also work with you to develop sound internal control practices to minimize the risk of accounting errors and fraud.
Overhead and Pricing Analyses
We work with you to determine the true cost of your services, establish profit centers and ensure you are properly pricing your services.
Pro-Active Tax Planning and Preparation
From choosing the best retirement plan to complex acquisitions and mergers, we work with you to minimize your tax burden and comply with an ever increasingly complex tax code. We understand the tax issues specific to owning and operating a veterinary practice, and how to best structure the purchase or sale of your practice.
We work with you to enhance your banking relationships. Bankers must be confident that your financial reporting is accurate and reliable and that you are working with a reputable accounting firm that understands the veterinary industry.
Buying, Selling & Merging
Whether you are thinking of buying, selling or merging a practice, we will work with you to prepare for these events. We can assist you in valuing your practice or structuring a buy/sell transaction with an outside party or an associate in a way that benefits all parties involved.
By applying our full range of accounting, tax and consulting services on an as-needed basis, we can serve as your Chief Financial Officer. Let us train you or your staff to perform day-to-day bookkeeping functions using QuickBooks while we close out your books on a monthly basis, review your financial performance and compare your results to industry benchmarks, assist you in preparing an annual budget, or plan for your taxes.