This is the first in a series of articles launched by Henry Schein Animal Health that assimilate and convey the insightful viewpoints of Gary I. Glassman, CPA and other respected and well-known financial experts in the veterinary business today.Click here to read the article: https://lnkd.in/e9VTW9hless

 

An accompanying video was also launched by Henry Schein Animal Health. The topic: Introduction and Value of Pharmacy to the Veterinary Practice. Click here to view the video: http://player.vimeo.com/external/119886220.hd.mp4?s=8039bd12dc46bfdf500b218bdfe928cc

 

Says Gary, "Make sure you watch the video. It really talks to the state of the veterinary industry. Thank you to Henry Schein and their sponsors for putting this program together. It was great to work with such well respected experts as  Fritz, Karen and Marsha on this project.

We thought you'd find this article by Gary Glassman, CPA to be informative: http://blogs.idexx.com/7-tips-for-tax-season/

You might find this information about client retention useful. 

http://www.aaha.org/blog/NewStat/post/2015/03/16/032767/Key-findings-about-client-retention-revealed-in-AAHA-State-of-the-Industry-2015.aspx

 

Source: American Animal Hospital Association

Point number one: veterinary practices should have firewalls and technology policies in place to protect their computer software. Unfortunately, many practices do not have firewalls or policies though. A professionally installed hardware firewall is a vital security device that can hinder hackers from accessing your internal network. It can also keep confidential data from leaking out.

 

An Internet connection, especially a broadband connection, is the most common entry point for most hackers. These would be thieves and business thugs constantly find new ways to access computer systems. Hopefully your practice’s computer system will not be one that they target.

 

It is imperative that you do whatever you can to keep your practice’s internal computer system and even financial records from being compromised. 

 

Here are suggested steps your practice can fairly easily implement to keep potential hacker disruption to a minimum and protect your practice. These basic security suggestions are simple enough for most hospitals to achieve.

 

  • Only owners and practice managers should have the administrator passwords and handle the most basic software installs themselves. An outside IT or Practice Management System (PMS) vendor should be called to handle more advance software installations and may access the system with owner/manager permission only.

 

  • Internal Wi-Fi networks must have strong passwords that are only known by practice owners and managers. 

 

  • Public Wi-Fi for client use must also be password protected but the password should be posted in the reception area. This protects clients and prevents them from getting into each other's cyber business.

 

  • Windows Operating System updates should be set to automatic on all computers. Call your PMS vendor before turning on any server software firewalls.

 

  • If you have Adobe Flash/Reader and/or Java installed, they should be updated every month. The latest Chrome browser self-updates as does the latest Firefox browser, 

 

  • The log in for most Windows users should be as a Standard or Restricted user. All software must be installed under administrator rights for standard or restricted users.

 

  • For hardware firewalls, Sonic Walls can be installed between the Internet modem and the main network switch, anti-virus and anti-malware software should be installed on each computer. Microsoft Security Essentials is a minimum requirement if PMS interference is a concern, but double check with your PMS vendor.

 

  • Configured and installed Sonic Walls cost about $1,500 for the most basic models. They are now sold by Dell and resold by many IT providers. The Barracuda units are better and more costly because they are single purpose units, such as a firewall unit, anti-virus unit or an anti-spam unit.

Location, Location, Location: Why Place Matters for a Small Business by Lauren Drell

What are the most important aspects about growing your small business? This author strongly believes that your location has a great impact on the overall success of your new company.

http://mashable.com/2014/07/24/san-francisco-detroit-small-business/

 

 

 

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The use of retirement plans and maximizing that potential may keep those who would be subject to the new tax under the threshold. Here’s a tax tip for practice owners: make sure you’re fully maximizing 401K or SIMPLE plan limits. These have increased for 2013 and are $17,500 for 401K plans and $11,500 for SIMPLE plans. A veterinary accountant can help you prepare for retirement, compare the types of plans available and help you learn which plan is right for you or your practice to ensure your nest egg(s). 

Every veterinary owner needs to relook at the rent arrangement with their practice and adjust accordingly to minimize the new tax burden.  This is an important veterinary accounting procedure. A veterinary accountant can provide specific information regarding veterinary rental income and lease arrangements.

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Many rent arrangements have been established using triple net leases. This means the vet practice, not real estate owner, pays all the property taxes and operating expenses of maintaining the building. This will add 3.8% tax on the net rental income to the owners’ tax burden in 2013 for those making $200,000-plus (single); $250,000 (married, filing jointly). Owners may be able to avoid this by changing to a gross lease. Practice owners may be paying more rent than they need to and adding unnecessary tax burden to their yearly obligations.

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