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AAHA CHART OF ACCOUNTS

Why the AAHA Chart of Accounts? We encourage all our clients to use the AAHA Chart of Accounts

Financial reporting is vital for understanding a practice’s financial condition and concerns, as well as in identifying areas for improvement.  We recommend our clients use the AAHA Chart of Accounts because:

1. It is a well-defined chart of accounts and every account is specifically defined for the veterinary industry. You get the ability to spot the areas of concern. For example: If you are using one revenue account and suddenly from one month to another it drops 10% it might be really hard to figure out what is happening inside of the practice. If you use the AAHA Chart of Accounts, with multiple revenue accounts, you can usually spot areas of concern right away.  For example, the 10% decrease in boarding revenue pops right out. You can now focus on the reason.  In our example, the boarding revenue drop in March 2020 was caused by people not traveling due to COVID-19.  The same goes for expense accounts as well as expenses and revenue accounts set side by side and related to each other. If your ‘In-house Lab Revenue’ is lower than ‘In-house Lab Cost’ what is going on? Potential missed charges, price structure changed and we have not reflected our pricing, etc. 

2. Benchmarking. When using the AAHA Chart of accounts you are using standard accounts related to the veterinary industry. It’s smart to compare apples to apples. Why compare to others? This provides a great starting point to discover and understand which areas of your practice are strong, efficient, and very profitable vs the ones that are below average or need improvement. Is your gross profit below 77%? Let’s dig deeper to discover why? You might have an overall sales issue or the answer may lay in the cost of goods sold. 

Not currently using AAHA Chart of the accounts? The transition from traditional accounts to AAHA Chart of accounts doesn’t have to be a painful process. We can help. Call or email us today to get started.

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The JF Bell Group made our lives easier right from the start! They helped design, organize, and implement all of our financial systems and controls, providing just what we needed to successfully grow our practice. Since we purchased our first clinic in 1999, they helped us evaluate, and now manage a second clinic purchased in 2005. Today, they’re advising us as we prepare to close on a third practice in the spring of 2018...
John Coplin, DVMPresident, Willowcreek Animal Hospital
We have been using the JF Bell Group to help us track and manage the finances of Northgate Animal Hospital for over twenty-five years. Like many solopreneurs, we struggled running the practice and making good financial decisions. We discovered very early that running a practice is hard work and not a one person job. Fortunately, the JF Bell Group stepped in and partnered with us to keep our financial affairs in excellent shape...
Leslie H. Stone, DVMNorthgate Veterinary Hospital P. C.
Solutions By JF Bell Group, a practice management consultant will benefit our business and veterinary profession immensely. We have certainly seen the results with our veterinary emergency clinic business. Jim has been able to offer solutions with staffing, business management, and profitability issues without business. I would personally recommend any veterinary business needing help with management of their practice to give Jim and his group an opportunity to grow and profit from his expertise...
Brad J. Francis, DVMPartner/Owner, Idaho Falls Veterinary Emergency Clinic
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