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Why veterinary practices need an income statement and a balance sheet

An income statement and a balance sheet allow the proper diagnosis of a veterinary practice's financial status, but many practices neglect to keep a balance sheet, write AVMA Veterinary Economics Division Director Dr. Michael Dicks and Analyst Dr. Bridgette Bain. The balance sheet "provides critical information on asset depreciation and value, return on investment or assets, fixed costs and asset replacement, and leveraging decisions," Drs. Dicks and Bain write.

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