Veterinary Management Groups and the American Animal Hospital Association recently released the updated VMG-AAHA Chart of Accounts.
The updated resource provides a modernized framework for veterinary practices to organize cash flow, set financial benchmarks, and make important decisions.
Financial organization can be something even successful practices struggle with. The Chart of Accounts was revised to better support veterinary practice owners, managers, accountants, consultants, and advisers in consistently tracking finances and understanding their business’s financial performance.
“Financial clarity is foundational to running a healthy veterinary practice,” said Matthew Salois, VMG president. “This update is about giving practices a better financial framework for understanding where they are, how they are performing, and where opportunities exist to improve. Good decisions require good structure, and this work helps create that structure.”
Key updates to the Chart of Accounts include revisions that increase clarity around important revenue and expense categories and provide a better structure for financial analysis and benchmarking.
“The Chart of Accounts is much more than an accounting tool; it is a management tool,” said Beth Scott, CPA and partner with KSM, an accounting and advisory firm. “When practices have a clearer, more consistent way to organize their financial information, they are in a much better position to evaluate performance, identify opportunities, and make sound business decisions. This update was designed to better reflect how veterinary practices operate today and to support more meaningful financial analysis.”
The updates were made through a collaboration among VMG, AAHA, and industry subject matter experts. Several veterinary professional organizations, including the American Veterinary Medical Association, Veterinary Hospital Managers Association, and VetPartners, reviewed the updates and provided feedback to ensure the final version was aligned across the veterinary profession.
The updated Chart of Accounts reflects VMG and AAHA’s commitment to supporting the financial success of veterinary practices. The organizations also released educational resources to help veterinary practices understand the updates and how to incorporate them.
Find the updated VMG-AAHA Chart of Accounts here.