by Nathan Hayes | Jul 20, 2024 | Financial Operations, Risk Management & Financial Security
Bills happen. It would be nice to have fewer bills, but they’re an ongoing reality, and they need to be. Historically, paying bills meant mailing a check back with the statement you received in the mail. For many owners, writing checks to pay bills gives them a...
by Nathan Hayes | Jun 15, 2024 | Cash Flow & Cash Management, Financial Operations
I have seen a few cases lately where Books & Benchmarks clients tried to handle tight cash flow by using multiple checking accounts to budget for expenses. But does this strategy actually work? This week, let’s discuss some causes of tight cash flow, the...
by Nathan Hayes | Mar 30, 2024 | 7 Key Expense Areas, Budgeting, Financial Operations, Non-OD Staff Compensation, OD Compensation
At Books & Benchmarks, we’re always looking for ways to streamline our operations and be more efficient. In working with over 100 practices across the country, we’ve seen firsthand the challenges optometry practices face in financial management. ...
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 2, 2024 | Budgeting, Financial Operations
The other week, one of our Books & Benchmarks clients came to us with a unique request. They wanted to split their Maui Jim statements between Plano and prescription sunglasses. When we inquired further, they explained that they were trying to put spending limits...
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...
