Business Advisory and Consulting

Business Advisory Services for Veterinarians

An image of a local Ottawa vet clinic

Trusted Accounting, Business, and Tax Support for Veterinarians and Vet Clinics from Trusted Ottawa CPAs

Veterinary clinics operate at the intersection of healthcare, customer service, and small business management. Whether you run a solo practice, a multi-vet clinic, or a specialized animal hospital, the financial side of operations can be complex and demanding. From managing fluctuating inventory and staff schedules to navigating equipment purchases, regulatory requirements, and tax planning, veterinarians face unique challenges that require industry-specific accounting knowledge.

McCay Duff LLP provides comprehensive financial support tailored to the needs of veterinary professionals. We help clinics strengthen their financial processes, maintain compliance, and plan for sustainable long-term growth. With our trusted team of Chartered Professional Accountants handling your financial management, you can stay focused on delivering high-quality care to the communities you serve.

Extensive Financial Support for Veterinary Practices

Veterinary businesses have financial structures that differ from many other healthcare or service-based industries. Revenue sources may include appointment fees, surgical services, diagnostics, boarding, grooming, and product sales. Each of these areas has its own cost considerations, pricing strategies, and profitability challenges.

Meanwhile, practice expenses, such as medication and supply costs, equipment maintenance, staff wages, facility overhead, and continuing education, must be carefully monitored to maintain financial health. At McCay Duff LLP, we understand the unique operational realities of veterinary practices and provide guidance that aligns with industry standards and business goals.

Comprehensive Tax Planning for Veterinarians

Veterinarians often operate through professional corporations, which come with specialized tax considerations and opportunities for wealth planning.

Tax preparation and planning are at the core of the services McCay Duff LLP provides to veterinary clinics in Ottawa and the surrounding region. We take our role as advisors in this regard very seriously. Many of our clients engage our services year-round, well before filings are due, to benefit from our ongoing guidance. We strive to provide proactive advice that assists not just at tax time, but over months and years. With proactive tax planning, veterinarians can minimize liabilities and set the foundation for long-term financial security. We can help with:

  • Organizational structuring and corporate reorganizations to optimize ownership, tax efficiency, and future flexibility
  • Professional corporation setup and advisory
  • Strategic tax planning for both corporate and personal income
  • Optimizing salary versus dividend remuneration strategies
  • Full preparation of corporate and personal tax returns
  • Succession, buy-ins, and practice transition planning

Veterinarian Advisory Services for Clinic Growth and Sustainability

Veterinary practices evolve over time, and strategic advice can help clinic owners manage change, improve profitability, and prepare for the future. Whether you are expanding your services, opening a second location, or preparing for an ownership transition, our business advisory services can provide the clarity you need.

At McCay Duff LLP, we work closely with clinics to provide personalized service and carefully considered advice tailored to your unique needs, always with your best interests in mind. We will work side by side with you, advising on the initial start-up and throughout the life of your practice. We can even guide you through planning for retirement or the sale of your clinic. We take the time to get to know you and understand your goals, so we can provide proactive advice and help steer you towards solutions that will help you achieve your goals. We provide a full range of services, including:

  • Budgeting and financial forecasting
  • Profitability analysis by service area
  • Pricing strategy and service mix optimization
  • Evaluating major equipment purchases and financing options
  • Clinic expansion, relocation, or renovation planning
  • Long-term growth and succession strategies

Ongoing Advisory Services for your Veterinarians and Veterinary Practices

At McCay Duff LLP, our trusted accounting team delivers comprehensive operational advice and strategic planning to ensure your practice remains on a track for success. We deliver comprehensive advisory by monitoring results, attending shareholder meetings, helping with strategic planning, and advising on process improvements.

Compliance, Regulatory, and Financial Reporting for your Vet Clinic

Veterinary clinics must meet various regulatory and compliance obligations, including proper recordkeeping, documentation of medical supplies, and financial reporting. At McCay Duff LLP, our business advisors will help ensure that your clinic maintains strong financial systems that support compliance and operational efficiency. We can help with:

  • Preparation of financial statements required for compliance
  • Support during audits or licensing reviews
  • Internal control assessments and improvements
  • Documentation for equipment depreciation and asset tracking
  • Corporate and personal tax and regulatory filings

In addition, they are licensed to conduct full audit and review engagements of your financial statements to ensure the information contained in the statements is a true representation of your organization’s financial health. Reliable financial reporting allows veterinary professionals to better understand their clinic’s performance and identify opportunities for operational improvement. Our accounting support includes:

  • Review of monthly or quarterly financial statements
  • Business growth for new or plateaued businesses
  • Calculated risk analysis
  • Improving cash flow
  • Exit strategy

Our Chartered Professional Accountants will help you prepare and present your financial statements in a clear and concise format

Succession Planning and Practice Transitions

Many veterinarians eventually consider selling their practice, bringing on partners, or transitioning ownership. Proper planning is essential for maximizing value and ensuring a smooth transition. At McCay Duff LLP, our business professionals have decades of experience developing succession plans that meet your clinic’s specific needs, no matter how complex. By planning ahead, veterinarians can achieve their financial goals while preserving the legacy of their practice. Our transition planning services include:

  • Practice valuation support
  • Structuring a clinic sale, mergers, acquisitions, or partnership buy-in
  • Advisory on mergers and acquisitions, including due diligence and transaction structuring
  • Tax-efficient transition strategies
  • Retirement income and investment planning
  • Advisory for integrating new owners, partners or associates

Contact McCay Duff LLP in Ottawa for Skilled Financial Solutions for Veterinary Practices

Veterinary professionals deserve financial support that is as reliable and detail-oriented as the care they provide.  At McCay Duff LLP, we are committed to helping clinics streamline administrative tasks, strengthen financial performance, and plan for long-term success. From planning to strategic advisory and practice transitions, we deliver the proficiency your clinic needs to thrive. To learn more about how the Chartered Professional Accountants at McCay Duff LLP can assist you or your business, please contact us online or by telephone at 613-236-2367 or toll-free at 1-800-267-6551.