Member Spotlight: How Hoban Optometry is Scaling Smart with Managed Accounting

With organized, real-time accounting, a complete picture of critical financial data, and expert recommendations from a trained professional, the Hobans can continue to provide care to every patient while creating a robust and sustainable business for decades to come.

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When Dr. Keely Hoban and her husband, Bryan, purchased their Oregon-based optometry practice in 2019, the couple was keen on growing the office quickly and knew that savvy small-business accounting would be a critical piece of their plan.

Recognizing the inevitable pitfalls of DIY small business accounting software, the Hobans wanted to find a service that would manage all of their bookkeeping needs so that Dr. Keely could focus on delivering world class patient care. After a recommendation, they signed up with Decimal: a managed accounting service that combines information software and automation technology with a live bookkeeper for real-time, accurate financial data.

“Knowing that our books are updated quickly, competently, and correctly has been vital to our success,” said Bryan Hoban, a business advisor to eye care providers at PECAA in addition to helping Dr. Hoban with the practice. They “save me hours each week, and offer me peace of mind because I know the books will get done right the first time. Instead of time-consuming data and journal entries, I am able to spend time making business decisions based on an accurate financial picture.”

Streamlining Small Business Accounting Across Two Offices

With two different locations and a robust patient index, expenses and payroll for the Hoban’s optometry practice could get complicated quickly. Not so with Decimal. The Hoban’s dedicated Account Manager helps the team by managing both tasks. The automated system learns as new information is entered, making easy work of repeat expenses. And because of Decimal’s attention to the business, they’ve become familiarized with the nuances of Hoban’s business and can advise the team on how payroll and expenses should be allocated for each location. When the Hoban's recently purchased a company vehicle, Decimal was able to assist them with making the most of expenses and depreciation for the purchase so they’re ready and organized come tax season. If there are any questions or if something new is encountered, the team can easily reach out to get clarification and document the process.

Facilitating Better Business Decision Making

The result of this managed accounting system? Books that are virtually always up to date, meaning the Hobans can analyze their financials quickly and make business decisions with confidence. Now, Bryan is excited to check his bookkeeping software for opportunities instead of daunted at the legwork he’d typically have to do in order to even begin to find them. He especially likes that the system presents a summary of curated information, instead of a spreadsheet he has to first spend time deciphering before even beginning to understand the business's financial picture.

“If you don’t know where you’ve been, you can’t know where you’re going,” says Hoban. “Having up-to-date books and someone in our corner who knows our business helps us make smarter decisions. Just recently, we were able to upgrade equipment without being concerned about cash flow because our financial data was ready to go and easy to understand.”

Scaling with confidence

For the Hobans, the decision to go with managed accounting hasn’t just led to peace of mind and more confidence in business investments. The Decimal accounting system has played a large role in helping them meet their goals of scaling the practice – even in the face of a global pandemic. While the practice experienced a revenue decline in the early months of the pandemic, the business saw substantial growth between June and December 2020.

“Having the data and information we need at our fingertips without having to do it ourselves has helped us make important business decisions during the pandemic. We were able to increase patient care days from 7.5 to 10 between the two locations, along with expanding staff as business returned during the back half of the year.”

The Hobans know that working smarter – not harder – on their books allows Dr. Keely to focus her energy on her patients and their needs. With organized, real-time accounting, a complete picture of critical financial data, and expert recommendations from a trained professional, the Hobans can continue to provide care to every patient while creating a robust and sustainable business for decades to come.

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