To maintain sound control over your business finances:

1. Review the aged accounts receivable listing and contact overdue accounts for amounts owing.
   
2. Review aged accounts payable listing and calculate the amounts due within 30 days.
   
3. Review all operating, payroll, and savings bank accounts, compare them with prepared reconciliations and ensure propriety.
   
4. Walk through the warehouse, eyeball inventory, talk to staff about orders shipped, incoming supplies, and slow and fast moving inventory.
   
5. Arrive early to greet staff as they arrive and note latecomers.
   
6. Review this month's income statement for financial results, examine key ratio components, compare them with the same month of the previous year and determine the reasons for improved or worsened performance.
   
7. Review year-to-date income statements for financial results, examine key ratio components, compare them with the same period of the previous year and determine that the overall financial results indicate a trend that is acceptable to projections for the current year.
   
8. Compare period to date financial results with projected results and examine significant variations carefully.
   
9. Review and update cash flow projections based upon existing bank balances, operating requirements, payroll requirements, probable receivables and immediate payables.
   
10. Review maintenance and repair costs for major assets to ensure expenses are in keeping with usage.
    
11. Discuss maintenance or replacement needs of equipment with operators to determine capital budget requirements or potential downtime.
    
12. Review company bank loans and ensure payments have been made on time.
    
13. Review payroll records for unauthorized or excessive overtime, changes in pay rates, changes in employees and/or deductions.
    
14. Personally visit or contact clients that were dissatisfied with your company's service or product and ensure the issue has been resolved to the satisfaction of the client.
    
15. Ensure that the corporation has paid, on a timely basis, all withholding taxes, health taxes, and corporate taxes.
    
16. Plan to contact at least 10 new prospects in the next 30 days.
    
17. Review projected corporate profits, personal income earned, personal draws, and the impact on personal income tax as well as corporate tax.
    
18. Review sales staff call sheets, expense accounts, and new business generated to determine cost benefit of specific sales staff or customers.
    
19. Contact your 10 best customers this month to encourage additional orders and to determine satisfaction with existing products or services.
    
20. Thank staff on a job well done and note it on their personnel files.

The above provides general information only. It should not be regarded or relied upon as accounting or taxation advice or opinions. Logan Katz LLP Chartered Accountants would be pleased to provide more information or specific advice on matters of interest to you.  
 

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