acqValue chartered certified accountants

Independence is Bliss

Acqvalue AccountingComment

This month we take a closer look at a thriving independent Veterinary Practice in Surrey.

The rapid trend in large corporates setting up new practices or buying out independents is making it more important than ever for the independent to have the right tools and strategies in place to run the business side of their practice.

Knowing what the client wants and measuring how well you deliver is also vital.

At Acqvalue, we have been taking a closer look at Anne Nelson Vets, one of the few independent practices left in Surrey to find out why they are doing so well.

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They deliver what local families want from them, which is a high standard of service and care with a smile! Their clients prefer the personal and friendly touch, which is often the unique selling point of the independent practice.  They seek their client’s views through marketing strategies as well as surveys.

Most of their business comes from word of mouth, Google and Facebook with Google being their most effective advertising channel in this digital age.

Challenges include the rise of on-line stores offering more competitively priced pet care solutions.  This is an economic reality across the board and an effective on line strategy is a must for all small businesses.

It is also very important to have good qualified staff.

To be as effective as their larger rivals it is imperative on the business side, that independents employ up to date technology including practice management and accounting systems. These should be integrated via the Cloud.  Such systems come with a wealth of advantages that the smaller practice cannot afford to be without, for example:           

o   The Cloud allows staff to work more flexibly and maintain work life balance;

o   Automatic updates to the accounting records for invoice and supplier payments;

o   Better management of costs and cash flow;

o   Shared single contact database resulting in reduced double data entry.

These benefits save a considerable amount of time. This means of course that valuable resources are not diverted away from mainstream professional services.  Integrating practice management and accounting software will also make vital financial information, needed to gauge the economic health of a practice, instantly available via an ipad, tablet or other mobile device.

If you wish to learn more about integrated accounting and practice management solutions please get in touch, 0208 004 8828.