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Collins & Co Chartered Professional Accountant Victoria BC www.collinsco.ca

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cpacanada.ca
MEMBER
Chartered Professional Accountant

We see
more than numbers.

Financial Control

     
 

Improve Your Financial Control
Every month review the following:

Payables

  • 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.

Receivables

  • 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.

Employees

  • 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.

Customers

  • 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.

Yourself

  • Review projected business profits and personal income from draws and the impact on business and personal taxes.
  • Update your PLAN FOR SUCCESS.
 
     

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PLAN FOR SUCCESS
CALL US
for a free 1/2 hr consultation

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Home | Contact | Why Choose Us? | Services | Record Keeping | Incorporate? | Financial Control | Getting Started | Business Plan | Income Tax Checklist | Links | Privacy

Collins & Co Chartered Professional Accountant Victoria BC
www.collinsco.ca
Serving the accounting needs of the Victoria BC Business Owner since 1989

Call us for a free 1/2 hour confidential appraisal before you buy, sell or expand a business.