It's easy for team members to overlook some of the common expenses practice owners have when they run a business. Bash Halow, CVPM, LVT, a Firstline board member and owner of Halow Consulting, says these are the expenses veterinary team members most often forget about:
1. Payroll. While Halow says most team members know the practice owner pays it, many do not realize how large an expense it can be. "In the average practice, the payroll is probably between $9,000 and $15,000 a week," he says. "Imagine the responsibility of needing to have that money in your checking account every week, because that money has to go out to payroll."
2. Social Security, Medicare, and unemployment insurance. The employer pays about 9 percent of your annual salary to the federal government to help cover these benefits, Halow says. This does not include any contributions your state requires.
3. Worker's compensation. This insurance helps employees if they're hurt on the job. Halow says the amount the employer pays is based on three criteria: the industry you work in, the employee's job in the business, and the business's history of worker's compensation claims at the practice.