by Nathan Hayes | Sep 14, 2024 | Cash Flow & Cash Management, Financial Operations
During a consultative call recently, I was asked one of my favorite questions: “Why isn’t the profit on my P&L in my checking account?” I’ve been thinking a lot lately about how ODs manage cash and cash flow (I even discussed it with my friend Adam...
by Nathan Hayes | Aug 24, 2024 | Financial Operations
One question we often hear from prospects is, “Why should I pay you each month when I can do my financials in 10 minutes?” And it’s a fair point. We market ourselves as time-savers for the practice owners handling their own bookkeeping. In addition to...
by Nathan Hayes | Aug 17, 2024 | Financial Operations, Practice Management, Risk Management & Financial Security
At Books & Benchmarks, we understand that some optometry practice owners prefer to manage their financials independently. However, for us to provide the best service, it’s important to work together closely. When practices share insights and details...
by Nathan Hayes | Aug 10, 2024 | Financial Operations
Occasionally, owners will ask us about using an accrual method of accounting versus cash basis. If your eyes are already glazing over, I understand. But let’s get technical anyway, starting with the difference between cash basis and accrual basis. What do you mean,...
by Nathan Hayes | Aug 3, 2024 | 7 Key Expense Areas, Equipment Costs
On this blog, we’ve been working through all seven key expense areas, and we will cover equipment costs for optometry practices this week. Equipment costs are complicated. First, let’s look at the typical P&L expenditures on equipment, followed by some balance...
