CAPNA Releases New Veterinary Chart of Accounts
Dr. Sandy Seamans, VP of Operations for CAPNA, Inc., has announced the release of a new Veterinary Chart of Accounts (COA’s). CAPNA, Inc. (Companion Animal Practices, North America) is a group of 17 Veterinary practices that merged together in February 2010.
“We are pleased with the final COA product. For nearly eight months we have been developing a system that would permit our diverse practice group to analyze common fee income categories and compare expenses associated with generating them,” Dr. Seamans explains. “This required lots of collaboration on the selection of categories of income, classification of inventory, and expense categories. We determined that the primary purpose of the new COA’s was financial, rather than managerial. We wanted a COA that could be utilized for practice valuation, income tax reporting and the determination of fee structure.”
The release of the CAPNA COA’s marks the most recent contribution in what may be a new standard of Veterinary financial reporting since the AAHA Chart of Accounts were introduced in the early 1980’s.
“The development of the COA’s was based on the AAHA Chart of Accounts,” adds co-author of the CAPNA COA’s, Hugh McCafferty, Senior Consultant with Owen McCafferty, CPA, Inc. “I have great respect for that initial committee, consisting of Drs. Chas Hendricks, John McCarthy, Ben Johnson, Robert Froehlich, John Albers, and Owen McCafferty, CPA, that created the first COA’s for the Veterinary profession.”
Another influence on the development of the COA’s was the contributions of Dr. Ron Komich, President and Chairman of VSG, Inc. and the VSG Board. Komich directed Owen E. McCafferty, CPA to design a chart of accounts that could meet the needs of VMG members in tracking and reporting on practice operations.
“The development of the COA’s for VMG groups added another layer of sophistication to Veterinary financial reporting for the profession,” comments Owen McCafferty, CFO of CAPNA.
“The creation of the new CAPNA COA’s has allowed us to link every practice’s database to a global software system,” says Hugh McCafferty. “Our Officers and practice CEO’s have access to instant, immediate ‘real time’ information on practice key indicators. This information permits us to move pro-actively in making operational adjustments that can have great impact on practice performance.”
“It is our hope that the release of the COA’s will be of value to the profession and our colleagues. At CAPNA we believe that we have a responsibility to give back to the profession through the sharing of new ideas,” comments Dr. Dennis Law, CAPNA President.
The CAPNA COA’s can be downloaded on the CAPNA website at www.capna.biz
For CAPNA, Inc.
Pamela Cole, 714-669-1279