Understanding Staff Expenses
Employee costs (including payroll and overtime) are the number one operating expense of any veterinary practice-more than pharmaceuticals, more than supplies, more than the debt service of your practice loan. It is critical that every practice owner and manager tracks payroll costs regularly and establishes the appropriate benchmarks for their individual practice. As a new business owner getting a hold of payroll will represent one of your most challenging and critical challenges during your first few months of business. Actively monitoring payroll cost allows you to:
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I was not aware that payroll should be managed that closely, but it makes sense. Thank you for sharing this insightful information Ian!