Episode # 51

Veterinary Bookkeeping

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In this insightful episode of the Veterinary Business Podcast, co-host Dr. Amanda Landis-Hanna sits down with Martin Traub-Werner, the dynamic CEO and founder of VetBooks, to uncover the hidden power of bookkeeping in veterinary practices. While it may not be the flashiest topic, Martin’s expertise makes it compelling as he explains why proper financial management is the backbone of a successful practice. From navigating the impact of the COVID-19 pandemic on veterinary businesses to breaking down complex financial concepts, this conversation will change the way you look at your practice’s numbers. Whether you’re a practice owner, veterinarian, or a student preparing for a veterinary career, you’ll gain valuable insights on how mastering your finances can unlock growth, profitability, and peace of mind.

Tune in as Martin shares his entrepreneurial journey, explains how independent practices can thrive despite corporate consolidation, and makes a compelling case for the benefits of open book management. If you’ve ever wondered how to take control of your practice’s finances and elevate your business, this episode is for you!

Key Takeaways:

  • Why Bookkeeping is Essential for Profitability.
    Martin explains how proper bookkeeping allows practice owners to understand their financial health and make informed business decisions.
  • The Importance of Standardized Accounting.
    Discover how using standardized accounting methods like the AAHA Chart of Accounts can lead to better financial control and accurate comparisons between practices.
  • Impact of COVID-19 on Veterinary Practices.
    Learn how the pandemic affected veterinary practices and why financial clarity became more crucial during and after the crisis.
  • Open Book Management Benefits.
    Martin advocates for sharing key financial metrics with your team to align everyone towards business success without overwhelming them with unnecessary details.
  • How Independent Practices Can Thrive.
    Despite the rise of corporate consolidators, independent veterinary practices can achieve profitability and remain competitive by understanding and managing their finances well.

Listen to this Episode on

Timestamp

  • 00:00 – Introduction to the Podcast & Guest Introduction
  • 02:08 – Martin’s Journey into Veterinary Medicine:
    Martin shares how he transitioned from marketing to veterinary practice management, and the challenges he encountered with non-standardized PIM codes.
  • 04:29 – The Importance of Standardized Accounting:
    Discussion on why consistent accounting practices, such as the AAHA Chart of Accounts, are critical for managing profitability.
  • 13:55 – COVID-19’s Impact on Veterinary Practices:
    Martin recalls how the pandemic changed the veterinary landscape and how financial clarity helped practices survive and thrive.
  • 18:10 – The Evolution of VetBooks and Veterinary Bookkeeping:
    Martin talks about the creation of VetBooks and why bookkeeping is essential for practice owners to have peace of mind and control over their finances.
  • 24:00 – Open Book Management and Team Transparency:
    Martin and Dr. Landis-Hanna dive into the benefits of sharing key financials with team members, fostering transparency and aligning staff with business goals.
  • 29:48 – How Independent Practices Can Stay Competitive:
    • Learn how independent practices can remain profitable and why maintaining financial health is key to staying competitive against corporate consolidators.
    • Martin discusses some of the common financial pitfalls practices face, such as lack of financial control and inconsistent bookkeeping.
  • 40:22 – Final Thoughts

Martin Traub-Werner

A strong relationship builder and creative problem solver, Martin divides his time between ensuring the success of existing client engagements and delivering compelling solutions to a growing base of new clients.

With over 40 years of experience in consulting for both small businesses and Fortune 500 companies across North America, Martin has developed a successful career working alongside business owners and senior leaders. He is fluent in Spanish and holds a Master’s degree in Strategic Human Resources from Cornell University, along with an Honours B.A. in Economics and Spanish from York University.

Specialties:

  • Relationship Marketing
  • Marketing ROI
  • Process Automation
  • Feedback Management
  • Sales and Marketing Integration
  • Marketing Program Execution
  • CRM
  • Database Marketing and Management

Martin’s entrepreneurial spirit led him to found VetSuccess in 2013, creating the veterinary industry’s first business intelligence and data analytics company. After VetSuccess was sold to Vetsource in 2018, he transitioned to an executive leadership role. In 2022, he left Vetsource to focus on VetBooks, a bookkeeping company he co-founded in 2017, which is dedicated to bringing financial control and discipline to independent veterinary practices.

In addition to his entrepreneurial ventures, Martin actively volunteers with RISE Asset Development, serving on the organization’s loan review committee and mentoring aspiring entrepreneurs. He resides in Nanaimo, British Columbia, with his wife Tamara, their two teenagers, and a lovable Texas street dog named Austin.

Connect with Martin Traub-Werner:

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