by Nathan Hayes | Mar 23, 2024 | 7 Key Expense Areas, Budgeting, Financial Operations, Non-OD Staff Compensation, OD Compensation
One reason why Books & Benchmarks insists on doing bookkeeping for optometry practices is to ensure that wages and benefits are grouped by Non-OD Staff, Owner ODs, and Associate ODs. This week, let’s briefly discuss why Books & Benchmarks breaks out wages and...
by Nathan Hayes | Mar 9, 2024 | 7 Key Expense Areas, Cost of Goods Sold/Inventory
Last week, I shared how a practice asked us to split their Maui Jim bill between plano and Rx work so they could more accurately measure and control their frame spending. Using that as a jumping-off point, I noted that while controlling costs is an important part of...
by Nathan Hayes | Feb 24, 2024 | 7 Key Expense Areas, Financial Operations
Rebates are like door prizes practices get for showing up and doing business with the various vendors that supply us with eyewear, contact lenses, and equipment. It’s always nice to get something back after spending thousands, if not tens of thousands, of dollars with...
by Nathan Hayes | Feb 17, 2024 | 7 Key Expense Areas
After reviewing financial statements from over 1,000 different optometry practices, it’s no surprise to me what owners say about them: “I’m just not good at finance stuff.” “I reconcile my QuickBooks every month. I know it’s right. I just don’t know what...
