Practice Owner’s To-Do List
October 1-15 – Review W9 for your contractors. I hope you use a credit card if you pay any contractor over $600 in the current year. That excludes you from tedious regulatory paperwork that is coming up in January. The chase for an independent contractor’s W9 can get pretty time consuming. You might of used contractors for yard work, cleaning, maintenance, and possibly relief DVM. More about rules and regulations is explain in this short video.
October 15 -31 – Looking to take some time off during the holiday or right after. Now it’s an excellent time to find a relief veterinarian. What is the going rate for a relief veterinarian? Relief Rover just released an article about What ER relief vets get paid in every state. Check out yours here.
November 1-15 – Great time to look at your year-to-day financial statements. Are you showing a big profit? Good for you! The last chance to investigate how to lower your tax liability. If you were saving up for the equipment of your dreams, this might be a good time to pull the trigger. Make sure it is delivered and in use before the end of the year. Otherwise, you might miss the significant tax deduction! Need more details on how it works, check out this article.
November 16-30 – Have you ever heard this quote? – A goal without a plan is just a wish. It’s time to get together with your advisor and prepare the budget for 2023. A budget not only can help you create financial stability, but it also holds you accountable. Life is full of twists and unexpected occurrences, so there isn’t a perfect budget. It also helps you stay away from the shiny things that you might impulsively purchase.
December 1-15 – Set up a day for inventory count! Do you have to close your practice to perform one? Absolutely not. Instead, block an hour or two in the afternoon and install an app like Pilleye, Pillphill, or MediScanner. After installing Pilleye on a tablet or smartphone, lay the drugs flat on the countertop and take a photo. The app automatically displays the number of pills. Just like that! Check if the count matches your computer. If not, investigate why not.
December 16-31 – If you plan on Christmas gifts for your employees, keep in mind that IRS considers anything cash or cash-like (gift cards) as part of the employee’s income. If you are in a trap of Christmas bonuses, start planning how you can break away next year with a meaningful reward instead. Here is an article for some ideas. Don’t forget to unplug and enjoy the holidays. Find time to connect with friends and family. We wish you a Merry Christmas and a Happy New Year!