It’s December, and somehow, we’re close to wrapping up another year. But even as we continue to say goodbye to 2022, it’s important to take some time to start preparing for 2023. Taking a few key steps now to identify areas with revenue leaks that impact your profitability can help prepare you for your most successful year yet. But you don’t need an outside consultant or hours in the office to do so. Instead, you can use something already right at your fingertips—your software. As a key tool, your software can be used for reviewing this data and addressing any issues before the clock strikes midnight on December 31st.

Not sure where to get started? Here are the top seven reports you can review now:

1. Adjustment/Discount Report

Veterinary practices provide discounts to clients for various reasons through coupons, special offers, the occasional late appointment when the practice is running behind, and so on. This report shows you how much has been discounted throughout the year, and whether certain clients are receiving more-than-anticipated concessions. The grand total can be eye-opening, and when you drill down into the type of discounts, you get a better understanding of whether certain services are being discounted in excess. Of course, we want to be accommodating and offer exemplary customer service, but at the end of the day, we also need to be profitable or there won’t be a practice left to provide that service.

2. Client Outstanding Balance Report

Most clients probably pay at the time of their visit, but if you invoice clients or offer any payment terms, it’s a best practice to review this report on a regular basis—and definitely toward the end of the year. You need certain information, such as answers to following questions:

• How well did you do during the year in collecting payments?
• Who do you need to contact for payment before the end of the year?
• Does anything need to be done differently next year to keep these outstanding balances from getting out of control?

This report is also worth comparing year over year. So, if you improve in 2023 versus 2022, how will that improve the bottom line?

3. Cancellation/No-Show Report

This is also known as the “Lost Opportunity” report. These are the clients who didn’t cancel with enough notice so that you could fill that appointment with someone else. Or perhaps they didn’t show up at all. This report shows how this activity impacts your bottom line. Do you need to adjust policies next year to charge for these missed appointments? Or does it happen few and far between? Hopefully, it’s the latter and not the former, but if this needs special attention in your practice, now is the time to address it.

4. Referrals Tracking Report

This report is actually best to review monthly, but especially in December! If you regularly ask new clients how they heard of your practice—passing by, existing client referral, Google ad, social media—this report will show you from where they came. This report demonstrates invaluable information regarding how your clients found you and where you should focus your marketing dollars going forward.

5. Fee Schedule Report

This is one of the biggest areas where mistakes can easily occur—incorrect sales tax being charged and collected, inventory products being sold for too little margin or for less than the costs, and services that may not have been updated to current levels. Especially with the high inflation that we’ve been experiencing this year, it’s very possible that your fee schedule needs to be updated in more than one place. This report can help you determine what needs adjusting.

6. Inventory Stock Report

This is another report that should be reviewed regularly, but certainly at the end of each year. It will show you inventory levels, including items that are in excess and those that are quickly being depleted. Your software has these tools built right in. All you have to do is enter your purchase orders and your markup percentage, and then enter your products once you receive them. Then, watch as your software becomes a huge time-saving tool and profitability watchdog.

7. Invoice Adjustment Report

This report will show you whether an adjustment was given on a line item for each invoice. If your practice is running as it should, this area should be under control. However, if there are too many discounts given to services or inventory items, you can see them in this report and take the necessary steps to control them. In most software platforms, you can even prevent discounts from being given on certain products and services in Settings.

Focusing on these reports helps you focus on the success of your practice, allowing you to determine what needs your attention most in 2023. If you’d like to see how NaVetor handles these reports, making it easy to gather this information at your fingertips, simply request a demo.