Practice Management

WVC 90th Annual Conference

(PM5) Financial Statements: What You Need to Know

Tuesday, March 6
10:00 AM - 10:50 AM
MBCC, Breakers E, Level 2

CE Credits: 1

Financial statements can seem overwhelming. And, after all, isn’t that why you hired an accountant? Going beyond the basics of financial statements, this session will get to the heart of the matter – why a fundamental understanding of financial statements will help you ensure your hospital’s well-being. Topics covered will include which method of accounting to use, valuable ways to read financials, frequency with which financials should be reviewed, how to use financials as a measure of progress toward goals, and more. The session will also give helpful tips on what to look for when hiring an accountant and/or a CPA.

Terence M. O'Neil

Partner

Terry O’Neil is the partner-in-charge of Katz, Sapper & Miller’s Veterinary Services Group. He has been with the firm since 1999. Terry provides veterinary hospitals with business, financial, and tax advice to assist with the growth and management of their businesses. He aids clients with tax and strategic planning, forecasting, budgeting, mergers and acquisitions and/or sales of businesses, debt structuring, employment incentive contracts, financing, business valuations, buy-sell agreements, and other business and accounting services. In addition, Terry is responsible for the preparation and review of financial statements and tax returns.

Terry often speaks at conferences regarding profit improvement, veterinary business valuation, succession planning, financial benchmarking, and other business topics.

In addition to representing numerous veterinary medical practices over the last 30 years, Terry was previously the CFO for a group of eight veterinary medical practices and was a stakeholder in the busi­ness. He was also a regional financial analyst for a national veterinary medical practice. Terry assisted with the sale, purchase, integration of new acquisitions, and the preparation of regional and national bud­gets. His work as a CFO and with the national organization allowed Terry to gain valuable insight on how private and public veterinary medical practices operate.

Terry is responsible for the management of the Veterinary Study Groups’ database of veterinary hospital financial data for over 400 hospitals across the country. Managing this database allows Terry to identify key industry trends and opportunities.

Presentation(s):

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(PM5) Financial Statements: What You Need to Know

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