How Financially Rock-Solid is Your Business?

 

Just answer these simple multiple choice questions and see where your business is at risk AND see the greatest opportunities for hyper-growth.

Does your bookkeeper prepare profit and loss cashflow budgets and report actual figures against these each month?

Do you have financial reports that show you on a month by month basis how you compare to the same month last year?

Do you know your break even monthly sales target?

Do you have an up-to-date cashflow budget that helps you anticipate future cashflow needs, forecast future capital expenditure and tax payments?

How confident are you that your bookkeeper or data entry person understands all the rules and regulations of the Income Tax Act and how they apply to your business … especially given it changes all the time.

Does your bookkeeper have a commercial understanding of how to correctly process transactions like loan interest, loan repayments motor vehicle expenses, and how to allow for them in your balance sheet and profit and loss?

Does your bookkeeper or data entry person authorise invoices for payment and also pay them?

Would you notice if funds were misappropriated?

Does your bookkeeper give you advance notice of BAS and income tax liabilities?

Do you know your estimated income tax liabilities at least 6 months in advance?

Are you confident that your bookkeeper would make you aware of new technology and automation that could significantly reduce your data entry costs?

Are you aware that all your bank transactions can be imported electronically into your accounting system?

How confident are you that your bookkeeper asks sufficient questions to ensure that you are claiming everything you are entitled to?

Does your bookkeeper ever contribute to you missing PAYG or BAS deadlines?

How often do you struggle to meet PAYG or BAS deadlines due to cashflow?

Is your bank account reconciled every day so you know how much cash you have at any given time?

What is your book keeper’s main focus?

What happens when your bookkeeper is sick or on annual leave?

Are you confident that your bookkeeper will always treat your financial information confidentially?

Does your bookkeeper assist you to target and monitor financial and non-financial key performance indicators such as no. Of sales, Cost of Good Sold, productivity, lifetime value of a client, average hourly rate, employee happiness levels?

Does your accountant need to make adjustments to your bookkeepers work after the end of the year?

Does your bookkeeper regularly ask your accountant for assistance to improve the accuracy of your information?