Veterinary Management Groups (VMG) has announced the creation of the VMG-AAHA Chart of Accounts Council, which will oversee the ongoing maintenance of the VMG-AAHA Companion Animal Chart of Accounts. This new governance body aims to ensure that the financial classification standard for benchmarking veterinary practices remains up-to-date through a transparent annual process.
Read More
The VMG-AAHA Chart of Accounts serves as the benchmark for veterinary practices across the industry. Establishing this Council reflects an intention to implement regular updates, maintain a public record of proposed changes, and actively encourage participation from practitioners, accountants, bookkeepers, and practice managers.
Matthew Salois, PhD, President of VMG, emphasized the importance of having a reliable method for keeping the Chart of Accounts current. He stated, "This Council changes that. Our goal is to make the VMG-AAHA Chart of Accounts a living document, maintained on a predictable schedule and shaped in the open by the people who use it."
Under the new governance structure, submissions for changes can be made year-round and will be reviewed in two separate review periods each year. The Council aims for gradual improvements rather than sweeping changes, with approved modifications compiled and communicated by July 31. Following a 60-day notice period allowing for industry review, the changes will be confirmed by October 15 and take effect on January 1 of the following year. The next update cycle will produce changes set for implementation in January 2028.
Brady Beale, VMD, DACVO, CEO of the American Animal Hospital Association (AAHA), noted that financial clarity is crucial for practices to assess their performance accurately and make informed business decisions. He underscored AAHA's commitment to supporting this initiative, enabling practices of all sizes to utilize a standardized financial framework.
The founding members of the Council include Jeff Godwin, DVM, of Animal Medical Clinic in Melbourne, Florida; Beth Scott, CPA, Partner at KSM; Martin Traub-Werner, Founder and CEO of VetBooks; and Dr. Jenifer Wieneke, DVM, who operates East Hills Veterinary Clinic and Red Bank Veterinary Hospital, as well as serves on the AAHA Board of Directors.
Detailed information, including the process overview, submission instructions, the current edition of the Chart of Accounts, and a public log of submissions, can be found at veterinarychartofaccounts.com. Members of the industry who interact with the Chart of Accounts are encouraged to participate by reviewing the outlined process and submitting their proposed changes.