VIN PRAC213-2020: Practice CEnts Module 2: Accounting and Financing Tools - Intermediate Accounting

This course is a self-paced, non-interactive course.

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Presenter: Jon C. Dittrich, MBA
Course Open: August 7-December 31, 2020

Level and Prerequisites: This intermediate course will be open to VIN and VSPN members. Participants in this course should be a veterinarian, an owner, a potential owner or in a management position at a veterinary practice. This is the first of several management series on improving a veterinary practice profits and thereby creating wealth for the owner. This course will build upon what was learned in Module 1; we will learn more tools and structure these tools so we can make better management and financial decisions and thus more profitable decisions for the practice. PRAC113-2020: Practice CEnts Module 1 is a prerequisite for this course.
VIN CE Course: Open to VIN and VSPN members. This non-interactive course is approved by RACE for veterinarians and veterinary technicians/technologists. (RACE 22-42997) This course has been submitted for VHMA approved CVPM credits.

Course Description:
Most education geared toward a veterinary hospital is centered on medicine. Although that is very important, we must not forget a veterinary hospital is also a BUSINESS. The financial success of a veterinary hospital has more to do with being a success business man or woman than being a successful veterinarian. This course is designed to help either a veterinarian or practice manager learn how to manage the BUSINESS of the veterinary practice. By doing so, the practice should become more profitable and less stressful for the owner.

This is the first of several management series on improving a veterinary practice profits and thereby creating wealth for the owner. This course will build upon what was learned in Module 1; we will learn more tools and structure these tools so we can make better management and financial decisions and thus more profitable decisions for the practice.

This course will consist of 8 non-interactive lessons/modules. Each module will have a video lesson. Most will include a few poll questions and supplemental learning materials which are intended to help the participant retain the information provided.

To earn a certificate of completion, the participant must complete all 8 lessons/modules and pass the end-of-course test. A course evaluation is also provided so that course participants can comment on the effectiveness of the learning module and offer suggestions for improvement. Completion of all 8 lessons/ modules (videos, reading handouts and end-of-course test) will take a minimum of 367 minutes to complete. Participants must complete the participation requirements by December 31, 2020 to be eligible for a certificate.

Course Outline:

Lesson 1: Introduction to Module 2
Total Time: 3 minutes
Video: 3 minutes
Objectives: Upon completion of this session, the participant should be able to

  • understand the basic material of this course.

Lesson 2: Depreciation and Amortization
Total Time: 47 minutes
Video: 32 minutes
Activities: 15 minutes
Objectives: Upon completion of this session, the participant should be able to

  • calculate straight line and accumulated depreciation.
  • understand the difference between depreciation and amortization.
  • correctly log both into accounting journals.

Lesson 3: Loans
Total Time: 50 minutes
Video: 27 minutes
Polls: 3 minutes
Activities: 20 minutes
Objectives: Upon completion of this session, the participant should be able to

  • enter debt into books correctly.
  • understand how to pay off debt correctly.

Lesson 4: Payroll
Total Time: 51 minutes
Video: 27 minutes
Polls: 4 minutes
Activities: 20 minutes
Objectives: Upon completion of this session, the participant should be able to

  • recognize the benefit of using programs like Quickbooks for payroll.
  • accurately record payroll in their accounting books.
  • track payroll to improve profitability of their practice.

Lesson 5: Leases
Total Time: 34 minutes
Video: 22 minutes
Polls: 2 minutes
Activities: 10 minutes
Objectives: Upon completion of this session, the participant should be able to

  • understand the advantages and disadvantages of leasing.
  • calculate the hidden costs of a lease.

Lesson 6: Asset Analysis
Total Time: 56 minutes
Video: 30 minutes
Polls: 1 minutes
Activities: 25 minutes
Objectives: Upon completion of this session, the participant should be able to

  • understand how assets relate to profits.
  • learn how to avoid and improve debt imbalance.
  • make financial choices that will increase profit to the practice.

Lesson 7a: Budgeting Part 1
Total Time: 51 minutes
Video: 35 minutes
Polls: 11 minutes
Activities: 5 minutes
Objectives: Upon completion of this session, the participant should be able to

  • read and understand financial statements.
  • use financial statements to measure financial performance.
  • understand how often financial statements should be looked at.

Lesson 7b: Budgeting Part 2
Total Time: 70 minutes
Video: 60 minutes
Polls: 5 minutes
Activities: 5 minutes
Objectives: Upon completion of this session, the participant should be able to

  • use Financial statements to budget for profit.
  • transform annual budget to a monthly budget.
  • understand the difference between profit and operating profit.

Successful completion (scoring 80% or better) on the end-of-course test is required to earn a certificate of completion for the course. To learn more about the requirements for earning a non-interactive CE certificate, please refer to Non-Interactive CE Certificate Requirements.

Course Materials: Course materials in the form of handouts and additional educational online activities will be available in the course library.

Required Textbook(s): There is no required textbook for this course.

Recommended Textbook:
  • Blackwell's Five Minute Veterinary Practice Management Consult.
    ISBN-13: 978-1119442547

About the Presenter:
Jon Dittrich is President of Profit Profile Corporation. PPC is a veterinary practice management consulting firm with 30 years’ experience in the veterinary industry. Jon is also the Senior Editor of the VIN Practice Management board. Mr. Dittrich also enjoys teaches the Practice Management class at the College of Veterinary Medicine at the University of Tennessee for the past 15 years.

Total CE Credit: 6

Tuition: $138
Prices are listed in US dollars.

*Enrollment will close on December 1, 2020 at 5 pm ET (USA).
*For more information on how online CE works, see the Participant Resource Center.

To Enroll:
  1. Enrollment qualifications: VIN CE courses are open to VIN member veterinarians. Veterinarians enrolling in a VSPN CE course must be a VIN member. Veterinary support staff must be a VSPN member to enroll in a VSPN CE or a VIN CE course open to VSPN member enrollment.
  2. Each enrollee must be able to receive emails from @vspn.org and @vin.com addresses. Email is our major form of communication with participants; personal emails are highly recommended rather than clinic/hospital email addresses.
  3. Each person is individually responsible for his/her own registration. To ensure that all information received is secure and correct, please do not enroll for a course on behalf of another individual.
  4. For further assistance call 800-846-0028 ext. 797 or email . Please include the course title, your full name, and contact information in your correspondence.
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"This program (22-42997) is approved by the AAVSB RACE to offer a total of 6 CE Credits, with a maximum of 6 CE Credits being available to any individual veterinarian or veterinary technician/technologist. This RACE approval is for the subject matter categories of: Non-Medical, using the delivery method of Non-Interactive-Distance: (Online, Correspondence, Journal, or Other Self-Study). This approval is valid in jurisdictions which recognize AAVSB RACE; however, participants are responsible for ascertaining each board's CE requirements."

Course withdrawal and refund policy: A complete refund of the paid course price will be issued when your withdrawal request is received prior to the listed start date of the course. If you wish to withdraw after the start date please contact the VIN office 800-846-0028 ext. 797 to discuss eligibility for a pro-rated refund.

*For more information on VIN's upcoming CE courses, check the VIN Course Catalog.

Katherine James, DVM, PhD, DACVIM (SAIM)
VIN Education Director

VIN CE Services:
800-846-0028 or 530-756-4881; ext. 797
or direct line to VIN/VSPN from the United Kingdom: 01 45 222 6154
or direct line to VIN/VSPN from Australia: 02 6145 2357