Year-end always seems to sneak up—especially in a veterinary practice where “quiet days” are a myth and emergencies don’t care what month it is.
If you’ve been keeping up with monthly financial statements, you’re already ahead of most practices. For a full step-by-step overview of year-end tasks, check out our Year-End Checklist for Veterinary Clinics.
As December approaches, reviewing the key financial reports for veterinary clinics can give the clearest picture of your practice’s health and help guide year-end bookkeeping decisions.
Think of these reports as your practice’s year-end report card. They help you catch small issues early, spot last-minute opportunities with your year-end numbers, understand what’s really going on with your finances, and step into the new year with confidence instead of guesswork.
Why Reviewing Financial Reports Before December 31 Matters
Even if your practice reviews monthly statements, a focused look at these key vet clinic financial reports before the year closes gives you options you won’t have in January. After December 31, your numbers are locked for this fiscal year, and fixing mistakes or making adjustments becomes trickier.
Reviewing now lets you:
- Catch small issues before they turn into bigger problems
- Make strategic year-end bookkeeping adjustments while they still count
- Provide clean, organized numbers your CPA can rely on for any year-end guidance
A little attention now makes a big difference and sets your practice up to start the new year organized, confident, and in control.
The 5 Statements That’ll Make the Biggest Year-End Impact for Your Vet Clinic
1. Profit & Loss Statement (P&L): Your Clinic’s Year-in-Review
Your P&L shows revenue, expenses, and net profit for the year. Reviewing it before year-end helps you:
- Spot unusual income or expense trends
- Make sure expenses are categorized correctly
- See whether your margins reflect reality
Reviewing your P&L before year-end can highlight areas worth discussing with your CPA. For example, your CPA might suggest:
- Purchasing equipment to capture the expense in the current year
- Prepaying certain expenses if your practice is cash-basis
- Timing revenue to affect taxable income
- Making additional retirement plan contributions
As bookkeepers, we ensure your P&L is accurate and up-to-date so your CPA has clean numbers to work with and can advise on any legitimate year-end strategies.
2. Balance Sheet: Your Clinic’s Financial Snapshot
While your P&L shows performance, the balance sheet shows stability—listing assets, liabilities, and equity (what your practice owns, owes, and is worth).
Before year-end, check for:
- Loan balances that don’t match lender statements
- Old receivables to write off
- Vendor credits you forgot about
- Inventory values that need updating
- Liability accounts that seem off
Fixing discrepancies now ensures your records reflect reality while it still matters for this fiscal year, and gives your CPA reliable numbers for any year-end guidance.
3. Aged Accounts Receivable: Who Still Owes Your Clinic
For practices that extend credit or use payment plans, the A/R report is key.
Reviewing it before December 31 lets you:
- Identify overdue balances
- Spot recurring late payers
- Collect or write off balances so your revenue numbers are accurate
Catching these now avoids surprises in January and gives you a clear picture of what’s actually coming in—plus, it can reveal last-minute collection opportunities for discussion with your CPA.
4. Aged Accounts Payable: What Your Clinic Still Owes Vendors
Your A/P report shows which invoices are still unpaid—from labs, suppliers, equipment vendors, and relief vets.
Before year-end, it helps you:
- Catch unpaid or duplicate bills
- Make sure expenses land in the correct fiscal year
- Plan your cash flow
Reviewing A/P now keeps your books tidy, prevents January chaos, and provides accurate numbers for any CPA guidance on year-end decisions.
5. Statement of Cash Flows: Your Clinic’s Financial Pulse
Cash flow often tells a different story than your P&L.
This report shows:
- How cash moves through your veterinary practice
- Whether money is tied up in inventory or receivables
- How debt payments affect liquidity
- Whether operating cash flow is healthy
Checking cash flow before December 31 helps you see where small timing tweaks—like prepaying certain expenses or managing receivables—can have an impact. Bookkeepers provide clarity on cash movement so your CPA has the full picture for any year-end guidance.
What These Five Reports Reveal Together
Together, these five financial reports for veterinary clinics give a complete view of your practice’s finances. Reviewing them before year-end ensures your records are accurate, actionable, and ready for any CPA guidance or decisions while they still matter.
How Terrain Bookkeeping Helps Veterinary Clinics Year-Round
A veterinary-focused, remote bookkeeping service like Terrain Bookkeeping ensures your reports are accurate, easy to understand, and actionable. We can help you:
- Reconcile accounts and catch discrepancies
- Clean up expense categories
- Confirm liabilities
- Review A/P so nothing rolls over by mistake
- Prepare clear, organized statements for your records or tax preparer
- Highlight trends specific to veterinary practices
With our support, year-end bookkeeping becomes proactive instead of stressful. You’ll finish the year with clean, actionable numbers, giving your CPA reliable data for any year-end strategies.
Start the New Year with Clarity and Confidence
By reviewing these reports before December 31, your practice will enter the year-end prepared and calm. Corrections and small adjustments are still effective for this fiscal year, giving you accurate numbers and options to discuss with your CPA if needed.
When January arrives, your books are clean, your records are organized, and your practice can focus on patient care, growth, and other priorities that matter most.
At Terrain Bookkeeping, we help veterinary clinics stay organized year-round with remote bookkeeping, accurate reporting, and guidance tailored to the realities of veterinary practice—so you can start the new year confident, in control, and ready to thrive.
