Use these tips to help your equine practice save money. That extra cash will come in handy as gas prices reach all-time highs this summer.
Apr 12, 2012 VETERINARY ECONOMICS
With gas prices rising, ambulatory equine practitioners need to manage cash flow efficiently in order to maintain a surplus. This will help the business get through the summer when gas prices could hit an all-time high. Connie Certusi, general manager of Sage Small Business Accounting, has some tips for ways small businesses can track spending to better monitor cash flow and find additional ways to manage and offset the rising cost of fuel.
Do your homework. Your competitors might be passing along the higher cost of gas to customers. Should you charge a fuel surcharge to help manage the rise in costs?
Use accounting software. This will help you manage your cash flow so you can easily tell how much the rise in fuel is really costing your practice.
Talk to your accountant. He or she will know the tax benefits to getting a new, more fuel-efficient vehicle. This might be a great way to get some lower tax provisions while upgrading your vehicle.
Track your transportation costs. Your accountant will need to know this information so he or she can assess the tax benefits of getting a new vehicle.
Maintain your vehicle. Underinflated tires, misalignment, dirty filters, and dirty oil can decrease your gas mileage.
Use a GPS system. This will help you find the shortest, most direct routes.
Advocate. Join additional small businesses or organizations to work with government representatives on lowering taxes and surcharges relating to small business regulations.