About Owen E McCafferty, CPA, Inc.
Our firm was established in 1978. We are devoted to the provision of tax, accounting, and practice management services for the veterinary and dental professions.
Our clients range from single practitioners to multi-owner practices. The veterinary practices comprise a wide variety of companion, food, equine, specialty, and critical care practices worldwide.
Our expertise in practice management has been solicited by many health care professions. We have chosen to develop the dental and veterinary segments because they are two capital-intensive medical based professions. Many similarities exist in staffing issues, compensation, office management, accounting systems, contractual arrangements, marketing, and the discretionary nature of dental and veterinary professional services offered the public.
We understand the intricacies of the problems dental and veterinary practitioners face. We provide creative viewpoints and solutions based on knowledge and experience bridged from two specialized, yet similar, professions.
We are members of the Veterinary Hospital Managers Association. Our qualified firm members are also members of the Ohio Society of Certified Public Accountants, the American Institute of Certified Public Accountants’ Tax Division and Management Advisory Services Division.
Within the AICPA, we are a voluntary firm member of the AICPA’s Division of CPA Firms (Private Companies Practice Section). The Division’s goals are to maintain high professional standards and to protect the public interest in quality accounting services.
Continuing professional education is critical. To meet the AICPA’s educational requirements, all our professional staff members must participate in at least 40 hours of continuing education per year.
How You Can Profit
Practice Management Services
- Practice sales/purchases
- Valuation calculations of practices for sale and purchase:
- Valuation estimates
- Buy/sell, lease, confidentiality, and employment agreement consultation and review
- Expert witness testimony on issues in divorce, partnership disputes, and loss of income
- Onsite practice consultations
- Contract negotiation assistance
- Fee assessments and multiple service bundling
- Insurance reviews
- Computer system consultations:
- Value-added vendor systems
- General ledger and accounting systems
- Internal control operations and review
- Hospital construction assessment
- Employment agreement consultation
- Employee compensation assessment
- Personnel development and management
- Personality profiling
- Leadership analysis and development
- Practice profiling
Tax and Accounting Services
- Cumulative experience with the veterinary and dental professions
- State-of-the-art accounting for the dental and veterinary professions ~ we literally wrote the book
- Intelligent, honest, and reliable tax return preparation for business, personal, and real estate
- Tax planning for corporations, partnerships, individuals, and estates
- Partnership and corporate mergers, consolidations, and liquidations
- Budgeting and cash flow projections
- Tax audit representations
- Lease vs. purchase decisions
- Assistance in bank financing
Our fees are based on the time, judgment, and experience of the professional assigned to the engagement. We charge a premium for consultation or valuation engagements; however, full service clients are always serviced at our lower, preferred billing rate.
Are We Right for You?
The choice of the right accountant is based, not only on technical competence, but also similar philosophies and compatible personalities. Before accepting full service clients, we make every effort to ascertain we are the right accountants for you. We work best with progressive, growth-oriented, positive practitioners. Presenting opportunities which offer creative ideas and improved operational management is an important part of our role in your practice. Our approach to practice is to do things right; workpapers document conclusions reached.
Tax returns and financial statements prepared for you are subject to multi-level reviews before being released. Corners are not cut. We strive to maintain a quality work product and commit resources to help achieve it. Being aggressive is founded on good tax research and current knowledge of the Internal Revenue Code.
IRS determination, judicial precedent, and Congressional intent are the basis of our recommendations to you. Knowledgeable, current tax interpretation does not equate to fraudulent, ignorant, flagrant disregard of the United States tax laws.
We are not for everyone.
If a client insists on a tax posture contrary to our interpretation of law, we will resign from the engagement rather than compromise what we believe is correct. We insist that total fee income be reported. Our clients take advantage of legal tax deductions without needing to resort to anything less.
Our focus is to provide accounting, tax, and practice management assistance, not bookkeeping. If you require a firm to reconcile your bank statements, pay your bills, and prepare your payroll returns, we are not right for you. Our objective is to spend our time making money for you through accounting, not bookkeeping compliance. We have a mutual interest in your future.
Owen E. McCafferty CPA, CVPM, FACFEI
Owen E. McCafferty is a CPA who has, since 1978, devoted his professional efforts to the provision of tax, accounting, and practice management services for the veterinary and dental professions. Owen graduated from Xavier University (AB) in Cincinnati, Ohio. He is a renowned lecturer at various veterinary association seminars over the past 20 years in North America, Europe, Japan, and the Caribbean basin.
Owen collaborated in developing the VETEC formula for determining the value of a veterinary practice. He is a widely published author in veterinary practice management magazines and is a frequent contributor to DVM Newsmagazine, as well as co-author of The Business of Veterinary Practice, (Pergammon Press, U.K.) and numerous series of audio tapes.
Besides membership in a variety of professional associations, Owen served as president of the Veterinary Hospital Managers Association in 1993 and 1994. Owen is among the listed personages in “Who’s Who in the Midwest,” “Who’s Who Among Young American Professions,” “Who’s Who of Emerging Leaders in America,” and “2,000 Notable Men.”
In 1986, he received the Ohio Veterinary Medical Association’s Meritorious Service Award and in 1988, he received the award of the American Animal Hospital Association. Owen McCafferty has written numerous tax and practice management articles. Presently he is working on his second book regarding veterinary practice management and his first book on dental practice management.