Stop Leaving Money on the Exam Table: 3 Costly Bookkeeping Mistakes Veterinary Practices Make
From wagging tails to purring patients, your veterinary clinic is buzzing with activity every day. Somewhere in the middle of all that chaos, bookkeeping often gets pushed to the bottom of the to-do list — right next to reorganizing the supply closet. Overlooking a few key areas can nibble away at profits (and your sanity!). Here are three sneaky, costly bookkeeping mistakes that I see many veterinary practices make — and you might be making them without even knowing it.
1️⃣ Skipping Your Monthly Reconciliations
Think of bank and credit card reconciliations as your clinic’s monthly wellness check. When you don’t compare your books against statements, small errors, duplicate charges, or missed payments can lurk in your accounts like a chew toy under the couch. Left unchecked, they snowball into surprise losses and stressful tax headaches. Setting aside time (or having a pro do it) each month keeps your financial vitals in tip-top shape.
2️⃣ Flying Blind on Cash Flow
You know that moment when you think, “We’re doing great!” but then realize payroll is due tomorrow and the bank account says otherwise? That’s what happens when cash flow goes unchecked. Without knowing exactly what cash is coming in and going out, you might overspend, underplan, or scramble to cover essentials. Basically, it’s like trying to herd cats…blindfolded. By tracking your cash flow, you’ll see where the money is sneaking off to and make smarter decisions without the panic.
3️⃣ Letting Inventory Go Feral
Medications, vaccines, and specialty diets don’t just take up shelf space — they’re cash sitting in your treatment area. When inventory isn’t tracked consistently, expired meds, unbilled items, and over-ordering can drain profits faster than a Labrador with an open bag of kibble. Regular counts and an organized process help you spot shrinkage and keep supply levels aligned with demand.
Bookkeeping mistakes don’t have to be the silent killers of your veterinary practice. With the right approach, you can keep your finances under control, avoid unpleasant surprises, and focus on what really matters—saving lives and making tails wag.
Curious if your practice is making one of these mistakes? A closer look at your books could reveal hidden opportunities and keep your practice thriving.