10-Point Tax & Finance Evaluation
The changing small business landscape directly impacts the way you currently run your organization, the records you are required to keep, and the compliance standards by which you’ll be held accountable.
In order to put your best foot forward in the way of preparedness and accuracy, you will need an Accountant who is completely in sync with not only the changes that have taken place, but specifically how they will make things different in the day-to-day running of your business.
Let’s discuss your answers to the following questions to give you a better idea of where your company currently stands and what the right Accountant can do to help you secure wellness for your company.
- Does your accountant understand your business well enough to help you make
informed financial decisions about the future of your company?
- Has your accountant explained the top five critical things you should be doing for
your business every day, such as leveraging a cash model, and keeping Financial and
- Does your Accountant prepare Financial Statements for you on a monthly basis, e.g.
Profit & Loss Statement, and Balance Sheet?
- Do you think you have the information you need to know the health, liquidity status
and profitability of your company at any given moment in time?
- Did you know you should be having annual board meetings in order to keep your
- Has your Accountant been spending time with you to prepare you for the calls that
will come from your bank, the IRS, and other regulatory commissions in reaction to
recent tax law and financial reporting changes?
- Do you have a strategic financial plan for your organization for the rest of this year
and next? Three years? Five years? (Hope is not a strategy.)
- Do you currently have any compliance issues (letters, penalties, notices, etc.)? Are
you even aware of the practices that could be considered a liability?
- Has the economic downturn affected any plans you have for retirement or transition?
What are you going to do now?
- Have you determined who your best customers are, both from a cost and value
perspective? Are you will to get rid of those who don’t fit the profile?
If you can’t answer ‘yes’ to all of these questions, you have discovered the reason that the right Accountant is so important to your business success. And if you do think that you have plans to address a lot of these scenarios, you’re still going to need an Accountant who will spend the time with you to solve your problems in the most effective, efficient manner possible.
Contact us today to discuss ways in which to successfully address all of these questions.