Chartered Professional Accountant
more than numbers.
Every month review the following:
- Review the aged accounts payable and
calculate the amounts due.
- Review all operating, payroll, and
bank accounts and compare them with reconciliations to ensure accuracy.
- Review all loans to ensure payments
are being made on time.
- Ensure that all taxes have been paid.
- Review the aged accounts receivable
and contact overdue accounts for payment.
- Review current month income statement
compared to previous year and determine reasons for any change.
- Review year to date income statement
with the previous year's period and check if the trends are acceptable
for the current year projection.
- Review the cash flow projection based
on existing bank balance, probable receivables, immediate payables, and
payroll and operating requirements.
Inventory and Assets
- Check inventory, shipped orders,
incoming supplies and determine requirements.
- Review maintenance and repair costs
for major assets to ensure that expenses justify usage, and determine
replacement needs and budget requirements for potential downtime.
- Review staff productivity and expense,
and determine the cost effectiveness.
- Review payroll records for unnecessary
overtime, pay rates or deductions.
- Demonstrate your gratitude to your
employees for their productivity.
- Contact any dissatisfied customer and
ensure that the issue has been resolved to the client's satisfaction.
- Contact your best customers and
encourage additional orders and determine their level of satisfaction.
- Ensure that new prospects are being
contacted each month.
- Review projected business profits and
personal income from draws and the impact on business and personal
- Update your PLAN FOR SUCCESS.
PLAN FOR SUCCESS
for a free 1/2 hr consultation