Regardless of the size of your optometry practice, proper accounting records are essential. But rather than just being a series of accounts that guide you when tax deadlines fall, your monthly financial records are valuable and insightful documents.
The importance of proper accounting
Of course, proper professional accounting ensures all your business accounts and related affairs are kept in great shape, that your revenue and expenses are recorded accurately, and your assets and tax liability are managed proactively and appropriately. But have you ever stopped to consider how your accounting records could help you shape the future direction of your business?
More than just taxation
A comprehensive accounting service tailored specifically for your industry, optometry, goes above and beyond when it comes to actionable business insight. We understand your business is clearly divided between the clinical side of your work and the retail optics boutique.
You’re effectively juggling two businesses, which is why you will benefit from a mixed, yet targeted approach. Your results are likely to be different on both sides of the business, requiring a custom solution to help you create a healthier bottom line.
Regular detailed financial reports
Instead of your typical annual reports, which are created solely for the purpose of tax liability calculations, why not consider receiving regular detailed financial reports on a monthly basis which cover both sides of your business? Your reports can be as detailed as you like and can identify your most profitable product lines as well as your highest converting services. The insight obtained from your unique business records can help you recognize strengths and weaknesses and ensure you maintain a robust bottom line.
Monthly KPIs (Key Performance Indicators)
Are you hitting all your predetermined KPIs? If not, it’s worthwhile considering how often you review the data that relates to them. If you set aside regular time to focus on them, you can determine whether you are on track, need to make changes, or need to re-evaluate your goals.
The power to make decisions
Regular financial reports empower you as a business director to take charge of your business’ direction. When you know what is going right, you can identify what is going wrong and make changes. Perhaps you need to focus on your leading products and services? Perhaps you are carrying products that are not selling as well as you thought? Regardless of what you discover, the power is in your hands.
Smart, ongoing strategy
With this approach, you can compare detailed information from month-to-month, year-to-year, and season-by-season. As a result, you can create a stronger, more refined marketing campaign as soon as you predict demand to spike – all which will be revealed in your detailed financial reports.
As a smart business owner, you recognize the power of knowledge. Have you been receiving this expert level of service from your current provider? With this approach, you can push your business to achieve higher goals next year and beyond.
Ensure you are working with a team of progressive, and responsive financial professionals who are dedicated to your success. They can help you determine and customize the appropriate accounting reports and records to help your business succeed.
As obvious and invasive conditions that can have a dramatic effect on a person's ability to function normally, eye problems often cause those affected to seek professional help. This allows the roughly 40,000 optometrists practicing in the United States today to have over 100 million patient interactions each year.
If your medical practice always seems behind on work and payroll is always over budget, you might have a problem with your capacity or staffing plan. One of the key behaviors that separates good optometric practices from great optometric practices is a good staffing plan.
The Protecting Americans from Tax Hikes (PATH) Act of 2015 requires Forms 1099-MISC reporting non-employee compensation (NEC) in box 7 to be filed by January 31.