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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3 Comments. Leave new
I was not aware that payroll should be managed that closely, but it makes sense. Thank you for sharing this insightful information Ian!
Adding this to my to do list so I am more aware of these numbers and how we are doing!
It was interesting to see the statistics on total employee compensation, especially related to gross revenue. I will definitely be utilizing these tools and keeping this in mind once I start practicing.