Animal Attraction Spurs Veterinary Accounting Success Story
Pandemic-driven lifestyle shifts spawned surges in several industry sectors, but none quite as untamed as Veterinary medicine. Lockdowns and stay-at-home orders ran up record rates for pet adoption, as millions of Americans cured their loneliness with the comfort and companionship of four-legged and feathered friends.
The Pet Boom
Akin to the Baby Boom, the U.S. is undoubtedly experiencing a Pet Boom. According to the Insurance Research Council's Consumer Responses to the Pandemic and Implications for Insurance report, 30% of Americans adopted a pet since the onset of the pandemic with two-thirds of U.S. households owning at least one pet. Morgan Stanley predicts a "long-tailed" trend, with pet ownership expected to grow 14% by 2030, primarily attributed to millennials, currently the largest segment of pet parents.
Pet Healthcare Demand
The sudden upswing in pet ownership has boosted an unprecedented demand for routine and emergency veterinary care. Incidentally, licensed veterinary practitioners are reporting record revenues since the pandemic. According to a recent IBISWorld industry report, veterinary services in the U.S. Market topped off at a staggering $54.1B with the highest average per capita spending in the world.
Two of the biggest benefactors of the increase in demand for veterinary services are urgent care and emergency hospitals. Revenue growth for this sector was driven by "intensity of medicine", as veterinarians are providing more sophisticated (and costly) services and procedures for pets. Likewise, as more and more veterinarians specialize in specific fields of animal healthcare, such as oncology and neurology, more veterinary practices are able to charge premium prices for specialized services.
As the fastest-growing segment in the pet care business, veterinary clinic and animal hospital start-ups are popping up nationwide to keep up with the flurry of activity - a whole new herd of businesses in need of specialized accounting and tax services.
The Purr-fect Storm
By the time the "pandemic pet boom" was unleashed, Ohio-based CPA, John Siebert, was already somewhat of a "veterinarian whisperer" in the accounting world. Up and running since 2018, his veterinary niche website, cpa-for-vets.com, markets specialized accounting services for veterinary practices, veterinarian specialists, mobile-vets, and animal hospitals. Categorial landing pages on John's veterinary niche website specifically target pet hospitals, veterinary clinics, and mixed animal practices.
John's breaks down his core strategy quite simply in his comparison of a generalist CPA vs. a specialist CPA. "Unlike a generalist CPA, our practice knows financial best practices based on our experience with a broad base of veterinary clients. We're able to assess production, workload, growth prospects, and advise veterinary entities on the latest technology to improve productivity and help them work smarter to achieve practice goals."
Priding himself on providing his clients with premium services, John keeps himself apprised of key areas of the industry, such as:
- Industry-Specific Tax Codes & Accounting Compliance
- Benchmarking Data
- Veterinarian Practice Lifecyle
- Veterinary Economics & Trends
- Network of Veterinary Practice Specialists
- Veterinary Terminology
- Veterinary Equipment
King of the Jungle
As a reigning expert in the veterinary accounting field, John's CPA practice enjoys many fringe benefits when it comes to online presence. For starters, Siebert & Reynolds CPA's consistently ranks at the tippy-top of Google search results for "veterinary cpa columbus ohio", holding down the first and second organic search results on page one, in addition to dominating the coveted Google 3-pack.
Narrowing in on a niche market dramatically cuts down the crowd of competitors, and since John's website is properly optimized with keywords, site coding, architecture, domain authority, content, and links, it outperforms the competition that happens to be out there. The bottom line, new leads are flocking to John's website without having to invest additional marketing dollars in pay-per-click advertising or other forms of digital marketing.
Once on his website, visitors encounter a custom lead-capture form engineered for screening prospective clients, as well as "gated content" in the form of a customized downloadable e-book entitled "Why You Need a Vet CPA Specialist".
It all comes full circle with an ever-growing client base leaving glowing Google Reviews, ultimately earning Siebert & Reynolds two Expertise Awards for Best Accountants and Best Tax Services in Columbus, Ohio.
Poised for Premium Pricing
With years of experience, well-deserved accolades, and a deep understanding of the veterinary industry under his cap, John continues to capitalize on the growing market.
John explains, "As an experienced veterinary CPA firm, Siebert & Reynolds CPA's is able to command premium pricing by providing our veterinary clients with specialized accounting, consulting, and tax services they won't find at a generalist CPA firm."
As an experienced veterinary CPA firm, Siebert & Reynolds CPA's is able to command premium pricing by providing our veterinary clients with specialized accounting, consulting, and tax services they won't find at a generalist CPA firm.
Just like pet owners want the best for their pets and are willing to pay for it, veterinary professionals want the best accounting and tax solutions for their practices. It's this "specialty" mentality that continues to keep John's clients eating out of his hand, as well as sending droves of new referral business his way.
John Siebert is a Certified Public Accountant specializing in serving the veterinary field. He is also a member of the Vet CPA Association.
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