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Many practices drive forward while looking in the rear-view mirror by simply comparing month to month actual revenues year over year. Wouldn't it be wonderful if you could plan for greater growth, know where it will come from and actually how to do it, 6 months in advance or how about 12 months in advance?
Your practice can take greater control of its finances. Sounds amazing? So, why not contact us today and learn more through a free consultation on how your practice can plan a budget for future revenue growth, predict revenues, manage expenses better, and possibly even help with succession planning?
Budgeting
A well-thought-out budget is critical to the success of your practice. We create a realistic monthly budget to guide your practice. Setting up a financial budget dashboard to observe monthly milestones will help you judge your performance and make quick corrections when necessary.
Performance Review
During this monthly consultation we compare your monthly revenue and the expense performance to your budget, and to the benchmarks established by you. This will help you understand every month where your practice stands financially. The discipline imposed by this monthly review keeps you focused on the bottom line and of course, the financial success of your practice. This program generally runs for 6 months but many clients utilize our services over several months and semi annual reviews. Then, if you choose, we set-up the reporting to handled by an internal staff member or Practice Manager.
Solaris Budgeting Systems |
Other Budgeting Systems |
Utilizes P&L data from existing bookkeeping software. |
Requires set-up of bookkeeping software to accommodate budgeting. |
Simple instructions to follow data input for budget to be set-up. Formulas exist to enable modification and new input as business issues change. |
Requires lengthy set up procedure usually from consultant who will set budget and it will remain static in nature. |
Enables on-the-fly “what if” scenarios. It shows the effect of changes to revenue or expenses (including; salaries, overhead, time spent, etc.). No paper; just a simple to use multi-faceted spreadsheet. |
Reports on established budgets. I.e. Budgets are established using formulas on paper worksheets and then entered into the bookkeeping software. |
Revenue from categories can be measured using any practice software. |
Requires price adjustments in specific software. |
Compares; 1) last year actual vs. budget, 2) this year actual vs. budget and 3) this year actual vs. last year actual. |
Compares only budget vs. this year actual. |
Breaks-down staff discipline (vet, admin, tech) costs associated to each category. And, total payroll cost. |
Shows total payroll cost only. |
Shows revenue and expenses in percentages and dollars against totals. |
Shows dollar amounts (in bookkeeping software). |
Facilitates monthly business meetings where stakeholders can recommend changes to the practice and the effect of those changes can be viewed in real time. |
Requires reports to be printed without ability to test changes in real time. |
Solaris walks the practice through the module and sets up the spreadsheet custom to each practice. Then, a staff member is trained and supported with the task of monthly budgeting. |
Requires the practice to figure it out on their own and do it without proper guidance. |
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Set expectations and understand where your profit exists, how to maximize it and improve on categories that are not performing as expected.
Other so called "Budgeting" Systems are simply cashflow predictors presented in infomercial seminars. When you get back to your practice, they are tough to implement without support.
Solaris Budgeting Systems support proactive business management and enable you to manage your business with information.
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