7 Types of Records Your Veterinary Practice Should be Keeping

What records should your veterinary practice keep, and how long should you keep them? There are several categories of records that are important to a practice, some for internal purposes and some for tax returns and other government requirements. Let’s take a look at these by category.

Tax records
First, consider the records you need to substantiate your annual income tax return. The IRS says that you must maintain adequate records, to support the items of income and expenses that you claim. That means you must be able to produce receipts, invoices, cancelled checks, or banking records supporting expense items. Similarly, you should keep sales slips, invoices, or bank records to support income items.

Now is a good time to start planning for the rest of 2013.

Stuart Oberman is an attorney providing legal services to individuals and businesses, including the veterinary profession. He heads his own firm in Loganville, Georgia.