AVImark Quarterly Newsletter Fall 2016
Table of Contents Featured Articles .................. 1 Finish Strong. And start stronger. Top Five Takeaways from the Veterinary Technology Summit ...... 4 Technology in Practice ....... 6 The Truth About Rewards Cards Client Spotlight .................... 7 Meet Bill Shore, DVM Training Corner .................. 8 Your End-of-Year Checklist Tech Support ....................... 9 Top five FAQ’s from Vet Summit
And start stronger. What do you want to accomplish in 2017? A steady increase in patients to help your practice grow? Improved compliance with your existing patients? Professional development and training for your staff, designed to help them boost efficiency? New diagnostics, wellness plans, or other services to add to your practice? All of the above? A strong 2017 actually begins during the fourth quarter of 2016, which is the best time to focus on strategic planning for the end of this year and the beginning of next year. From end-of-year reporting and tax planning to budgeting and goal-setting, we’ve compiled some tips and tricks to help 2017 be your best year yet.
Plan for Year-End The information you need for year-end preparation is right at your fingertips. Certain reports that give you a snapshot of your financials and inventory can help you prepare last-minute tax strategies and plan for the following year. At AVImark, we recommend running the following reports during the fourth quarter or the end of the year. You can run
these reports by going to Work With > Reports. Set the period to Year and verify that the start and end dates are correct. Then choose the report that you want to run. • Period Totals, for tax totals and tax-on amounts. • Transaction Summary, for a summary of total production for providers. • Inventory Report, for inventory on-hand count. This report cannot be backdated, so printing this report at the close of business on the last day of your fiscal year is the only way to get the most accurate information. For your convenience, AVImark will automatically prompt you to print this report the first working day of the year. However, if you need to manually run it, go to Work With > Inventory List > File > Print > Inventory Report. If you would like a space next to each item to enter a physical on-hand count, you can check the Fiscal Inventory Format option. There are also some reports to run at the first of the year. We recommend the Income by Treatment report, which provides a more detailed sales usage and expense report, along with the Purchase Order History. These two reports will allow you to see what you sold most during 2016, compared with your purchase orders for the year, to help with budgeting for 2017.
For most clinics, these reports give a good indication of how successful the practice was the prior year, what items may be left unresolved going into the New Year, and areas where improvements can be made for the coming year. If you have any questions regarding reports, please contact AVImark Support at 877-838-9273.
Plan for Taxes It’s always wise to review your current equipment and business practices to make sure you are taking full advantage of hardware and software advancements. The end of the year is a particularly good time to upgrade hardware and software because you can take advantage of Section 179 tax deductions to decrease tax payments and increase cash for other needs. Section 179 encourages small business owners to invest in equipment or technology by allowing them to deduct the asset’s value during the first year. When you acquire new equipment such as hardware or software, you may deduct the first $500,000 of the value during the first year of ownership. For example, let’s say you purchase $10,000 worth of new hardware or software during December. Your Section 179 deduction would be the full $10,000. If your combined federal and state tax bracket is 38 percent, your tax savings would be $3,800 and therefore your net equipm