Veterinary medicine is a demanding field—and between balancing the books, managing staff, and caring for every furry and feathered patient (and their humans), it can be easy for your finances to end up on autopilot.
But just because you’ve been banking a certain way for years doesn’t mean that you’re still being served well.
Whether you’re new to your practice or just want to freshen up your veterinary financing practices, here are four essential questions to ask to make sure your financial accounts are working for you.
1. Do You Have the Right Accounts in Place?
You started a veterinary business checking account long ago, but it’s become a catch-all for all your financial needs. Or maybe you got drawn in with a special interest deal, but those benefits are long gone, and now your money languishes in a low-interest account. Either way, now is a great time to review your accounts and see where you could be missing out.
Action Step: Review Current Accounts
- Evaluate Your Business Checking Account: For tax purposes and tracking your monthly cash flow, ensure you have a dedicated account just for business finances. Shop around to see if you’re getting the best interest rate.
- Move Cash to a High-Yield Savings Account: Need to save for new equipment? Don’t let your cash just sit in a basic savings account. Consider moving your funds into a High-Yield Savings account to maximize your earned interest.
- Ask About Specialized Products: Most people already know about checking and savings accounts, but many banks offer specific products tailored to your practice and small businesses. Ask your bank what veterinary banking and financing options are available.
2. Are You Benefiting from Online Tools?
While banking in person has been the norm for decades, online tools and options are making it even easier for veterinary professionals to bank right from their practice—no in-person visit needed.
Action Step: Evaluate Your Bank's Online Tools
- Explore Online Banking Features: Online tools can save you time by allowing you to manage finances directly from your practice. Check whether your bank offers features like mobile check deposit, bill pay, or expense tracking that can streamline daily operations.
- Set Up Real-Time Alerts: Stay on top of your cash flow with 24/7 alerts for large transactions, low balances, or unusual activity—helping you catch issues early.
- Automate Transfers and Payments: Simplify your financial planning by setting up automatic transfers for tax withholding, loan payments, or future equipment purchases. It’s one less thing to remember each month.
3. Are You Being Served Well?
Good customer service is non-negotiable when it comes to protecting your veterinary practice’s hard-earned money. In an age where real human connection is expendable, you deserve a bank that still treats you like a person.
Action Step: Evaluate Your Bank's Customer Service
- Look for Human Support (Even Online): A fully online banking experience shouldn’t mean going it alone or relying on a glitchy AI assistant. Make sure your bank offers live, knowledgeable support—whether by phone, chat, or email—so you can speak to a real person when you need it most.
- Watch Out for Hidden Fees: Review your account for charges like monthly maintenance, wire transfer, or overdraft fees. If these costs are piling up, it may be time to switch to a bank that supports small veterinary practices without penalizing them.
- Choose a Bank That Knows the Veterinary Business: Many banks now specialize in specific small businesses—even veterinary practices. Look for one that understands your needs, offers mobile tools tailored to your needs, and provides financial products that support your practice’s growth.
4. Are You Prepared for Big Financial Milestones?
Whether you’re considering expanding your practice, adding new services, or looking towards selling your practice, you need a banking partner that can strategically work with you to get the veterinary care financing you need.
Action Step: Plan Ahead with Veterinary Finance Options
- Build a Business Savings Cushion: Unexpected expenses—like equipment repairs or slower months—are part of running a practice. Set aside funds in a dedicated business savings account to keep operations running smoothly.
- Find a Lender You Trust: Having a trusted lender who understands veterinary practices can make all the difference when you need fast, flexible financing.
- Explore Lines of Credit and SBA Loans: Growth opportunities can come up quickly. Ask your bank about business lines of credit or SBA loan options, so you’re prepared to act when the timing is right.
Choose a bank that supports you.
You don’t have to be a financial expert, but you do need a system that supports your veterinary practice finance goals. A quick audit can help you determine whether your bank is supporting your needs, or if it’s time to look for something better. The right adjustments can help you keep your finances healthy—all while you do the same for all the furry and feathered friends that come to your practice.