by Nathan Hayes | Jan 27, 2024 | Budgeting, Cash Flow & Cash Management, Financial Operations, Practice Management, Risk Management & Financial Security
At Books & Benchmarks, as we categorize and reconcile our clients’ bank and credit card accounts each month, we are constantly learning what works best for our clients. One area that will consistently cause more work for you, your bookkeeper, and your CPA is...
by Nathan Hayes | Jan 20, 2024 | Financial Operations
Last week, we talked about different ways to measure optometry practice profitability using metrics found on a practice’s income statement or P&L. This week, we’ll take a second look at Net Operating Income, which on our chart of accounts is also a calculation of...
by Nathan Hayes | Jan 13, 2024 | Cash Flow & Cash Management, Financial Operations
Profitability is kind of a big deal. It can also be hard to define, as anyone who follows optometric Facebook groups has seen. Let’s talk about how Books & Benchmarks helps owners understand their own practice’s profitability with accurate, thorough...
by Nathan Hayes | Dec 30, 2023 | Cash Flow & Cash Management, Financial Operations, Leadership & Management, Practice Management, Tax Prep
In the world of personal finance advice, there’s an adage that says you should “pay yourself first.” This means prioritizing personal savings and investing before spending money on personal needs and wants. In a business context, it’s not as simple...
by Nathan Hayes | Dec 23, 2023 | Buying and Selling Practices, Financial Operations, Leadership & Management, Practice Management
What’s the best way to plan for expenditures? Practice owners try any number of strategies. Some use spreadsheet budgets while others sit on a mountain of cash (at least we know we won’t run out!). Some even have separate accounts for key expense areas, as well...
by Nathan Hayes | Dec 16, 2023 | Financial Operations, Risk Management & Financial Security
Last week, we talked about how having clean and clear financial statements can simplify the practice valuation process. When determining valuation using the Benefit Stream x Multiplier formula, it’s easy to see how financials affect a buyer’s ability to forecast their...
