Create Your Veterinary Invoice Template for Planning Effortlessly

Veterinary invoice template for Planning

hey if you're looking to create a set of financial projections for an Urgent Care Veterinary Clinic maybe for potential investors or lenders then you've come to the right place we have built a financial projection spreadsheet template built specifically for this Veterinary Clinic Urgent Care type of business model I'm going to walk you through how to fill the template out and what you get with the template and how it'll be a good fit for presenting to potential investors or lenders uh before I dive too far into the details of the template just a couple of housekeeping things you can get access to this template by going into the description of the video below and you'll find a link to this particular template so you'll be able to grab that also if you stick around to the end of the videos I thank you for sticking around and learning about the video you will be able to get a discount code as well so I'll share a discount code with you at the end as a thank you for sticking around and then lastly just a little bit of background on me my name is Adam hook I'm the co-founder of projection hub and we help Founders and business owners create Financial projections for potential investors and lenders and I really got inspired to do this because I used to work as an SBA lender a small business administration lender for about a decade and during that time a lot of our clients had trouble with their financial projections and so I wanted to create a way to help those clients get their numbers in order for potential lenders or investors and so that brings us to today where we have a library of over 100 different Financial projection templates for all sorts of different Industries and business types and today we're specifically focused on this urgent clear Vet Clinic template so let's go ahead and dive in all right so when you when you finish the process you're going to come to this add a glance tab which will show you a bunch of different graphs and charts and key ratios some summary data use of startup funds you'll also get a 5year income statement summary a 5year cash flow summary a 5-year balance sheet summary and then the income statement cash flow and balance sheet all broken down by month for each of the five years so you get the annual detail along with the monthly level detail as well uh but in order to produce these reports we have a little bit of work to do so let's take a look at our input assumptions tab here so the first thing you need to know is that every sell that's highlighted in blue is an assumption that you can change without breaking anything in the model and so we're going to start our projections on January 1st and we're going to assume an opening cash balance of zero we're assuming this is a a brand new startup and so we're going to invest $80,000 into the business to help it get started and we're going to do that in month one so this is assuming that you know again we're starting we're just starting off so this investment and the loan that we're going to get and the other startup costs are all going to happen in month one kind of at the beginning of the model and then we'll project our operations from there a couple other assumptions to to make note of here the accounts payable so this means that we're going to pay 80% of our expenses in the month that the expense is incurred and 20% of our bills will pay in within 30 days and so this could be some vendors that give you some terms where you know you can purchase they'll invoice you and you have 30 days to pay or for example maybe a utility company that bills you for your utilities and then you have 30 days to pay on the accounts receivable side we're going to assume that it takes 30 days to collect on average and you can change this so this is probably an assumption that you really want to change based on your specific business model and kind of the services that you're providing and to what customers so if you have customers maybe businesses that let's say you you go provide urgent care services at a a stable a horse stable and you've got a long- lasting relationship with the stable owner and you know that you can provide the service you can invoice them and they'll pay you in the future right that might be a situation where there's it might take 30 days to collect if on the other hand your model is more like somebody brings their pet in uh to have an emergency procedure or something um your probably going to collect payment right then you know with cash or credit card so depending on your model you the amount of time it takes you to get paid is going to probably be different we're also going to assume that you have a bit of initial inventory at the clinic so $5,000 worth of initial inventory just medical supplies and different you know inventory supplies that you might need and that you'll continue to carry some inventory on hand so we just put a small percentage 10% of your total sales that will kind of hold on inventory on your balance sheet now we're going to assume that you are uh renting a space and that you need to make some improvements or some renovations to the space so we've got a $100,000 uh budget here for making leasehold improvements or renovations to your space and what you'll want to put in for the life expectancy for your fixed assets is essentially how long you think the asset is going to last so if you think you know you can make Renovations and you won't need to make any additional Renovations for 15 years okay there you go you could put 15 years as a life expectancy we put month one for the purchase month for all of these fixed assets so again you're going to have the investment come in month one and then kind of these startup expenses go out immediately in month one as well and then you'll have your startup loan so we've got a loan here for 350,000 in month one 8% interest rate 120 month term or a 10-year term and then you'll come down to this green table and we're going to need to come back to this after we enter in the rest of our assumptions but the main takeaway here is that this is trying to estimate how much cash you need to reach a a break even point where your cash flow positive and so this is estimating that it's going to take two months for you to reach a cash flow positive point in your business and so it thinks you need 31,000 the model projects that you need 31,000 to cover your expenses during those first couple months so that's your working capital need you also need 175,000 for these fixed assets and then it wants you to have a $30,000 buffer for un unforeseen circumstances so that total cash needed ends up being 236,000 but we have 80,000 in Investments plus 350,000 in a loan so we have plenty of cash based on this scenario and so the model says starting cash is sufficient now once we make a bunch of changes to the model um we are going to uh get to a point where uh we need to come back here and check to see if cash is still sufficient or if we need to raise additional capital in some way all right so let's look at our input Revenue tab so here we're going to assume an advertising budget of $3,000 a month and then the cost to acquire a new patient visit is $30 and you know the Assumption here is that people are probably going to be you know Googling like urgent Vet Clinic when they have an urgent need right and so if you do some Google advertising you're going to show up and and if you're nearby and open that's probably how you're going to get a a good chunk of your customers you're also going to get customers from organic sources so word of mouth or just organic Google searches so we have assumptions here based around just the word of mouth visitors as well so then based on those assumptions you're going to have some number of patient visits per month and you can see that assumption here now once we have projected how many patient visits we're going to have we need to know what are they what are the patients what are the animals coming for right what are the owners of the animals bringing them in for well it could be is it an illness visit is it an injury do they need any lab services any vaccinations any surgery and so we have different fees for those different Services we have material costs here any material cost associated with providing the service so any supplies or medicine that might be needed for the surgery or so on right and then um this is the average number of times uh per patient visit that these different servic will be utilized so essentially the way you can think about this is if I put in 0.5 for an illness visit that's assuming that 50% of these 350 patients 50% of them will be for an illness visit uh 10% will be for an injury visit with an x-ray and now this can actually add up to over 100% because it could be that somebody you know that that a patient comes in and for an illness visit and also needs some Lab Services done as well right all right so then we need to say okay what's the average percent of the fee that's going to be reimbursed so if there is Insurance involved there you may not collect the whole amount or if you just have trouble collecting from some customers that you invoice there may be some less than 100% that you actually collect all right based on that we can then jump over to our operating expense Tab and you can enter in your different operating expenses as either a fixed dollar amount or as a percentage of Revenue and so we've got a drop down here we can select fixed or percentage of Revenue Insurance might be a good example of an expense that should be a percentage of Revenue and we can enter that percentage in as 0.025 represents 2.5% for example we can also see our salar positions that we need to add on the salaries and dividends tab so let's say we have we're starting with one veterinarian with a minimum annual salary of $50,000 starting in month one and then ending in month 24 and then in month 25 we're going to hire the second veterinarian so in month 25 the first veterinarian is going to get a raise bumped up to 100,000 minimum salary and the second veterinarian will also start at that point with a $100,000 minimum salary and the reason this is important is because this that minimum salary plays along with this variable compensation or this bonus struct structure so during the first two years there is only one veterinarian and so they're responsible here for 100% of the revenue generated or the the production of the clinic and so what this is saying is that after they have met their minimum salary so after they have generated enough sales to cover their minimum salary then above any sales above and beyond that they're going to get a 20% commission or variable compensation or bonus on those sales now once you have two veterinarians on staff you need to split that production between the two of them and they're going to again once they meet their minimum annual minimum salary here of 100,000 then they're going to get those bonuses on top of that now you can also add in vetex here and general administrative staff and you'll notice here that we kind of layer in when some of these staff start so they can grow you can grow your staff and headcount as the business grows so that is it on the input assumptions and now this brings us back to where we started so we can see kind of what our profit and loss at a glance looks like some different key ratios here and as I mentioned we want to go back after you've made changes to the assumptions you want to come back to this green table and just make sure that it still says starting cache is sufficient the table does not say starting cash is sufficient it could be that you're not breaking even it could be that you don't have enough cash to cover until you break even so those are some assumptions that you'll want to take a look at so if you have any questions along the way as you go through this please don't hesitate to reach out to us at support projection hub.com and again as a thank you for sticking around to the end of the video if you go down to the description of the video Below on YouTube you'll find a link to a form you can fill out that form to get a discount email to you there'll be a discount code you can use that at checkout and get a discount as our thank you for sticking around to the end of the video here and I think with that just want to reiterate that if you have questions at all want me to take a look at this before you send it to lenders or investors happy to do that just reach out to us at support projection hub.com [Music] [Applause] thanks