Jul
10
2017

AAHA’s trusted financial resource, Chart of Accounts, just got even better: A new online version is now available for free to the veterinary profession.

Recently, the American Veterinary Medical Association (AVMA) tasked its Veterinary Economics Strategy Committee (VESC) with facilitating the collaboration necessary to improve business knowledge, acumen, benchmarking, and financial success across the profession. As a result, the AVMA-VESC initiated the Economic Advisory Research Council (EARC). The council’s first task was to create a standardized chart of accounts, which is now free to all veterinarians.

AAHA joined forces with Veterinary Management Groups (VMG) and several other key veterinary organizations, including the AVMA, Veterinary Hospital Managers Association (VHMA), and VetPartners, to revise and expand its existing chart of accounts to include these standardized veterinary accounting codes.

Standardized codes enable the profession to develop better measures of veterinary practice financials and allow practitioners to organize their finances in line with generally accepted accounting principles. They also provide better, more reliable data about how veterinary practices are doing from an economic standpoint and enable industry leaders to develop initiatives designed to improve the overall financial health of the profession.

The AAHA/VMG Chart of Accounts is the standard for classifying revenue, expense, and balance sheet accounts in small animal veterinary practice. Additionally, AAHA recommends all accounting firms working with veterinary practices adopt the standardized codes.

Is your practice still trying to adapt to generic accounting codes? Use the chart of accounts recommended by industry experts for every revenue center in your practice. Access the AAHA/VMG Chart of Accounts at aaha.org/coa.

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