Business Checklist

The end of the financial year is a good time to review your business. It gives you the opportunity to rule off the past year and start afresh. However, do not fall into the trap of rushing through the review of the current financial year; make sure you learn lessons from it, avoid making the same mistakes and persist with successful strategies. Good business practice is not just about getting your house in order, it is about setting up your business for the challenges and opportunities it will

The end of the financial year is a good time to review your business. It gives you the opportunity to rule off the past year and start afresh. However, do not fall into the trap of rushing through the review of the current financial year; make sure you learn lessons from it, avoid making the same mistakes and persist with successful strategies. Good business practice is not just about getting your house in order, it is about setting up your business for the challenges and opportunities it will face in the future. Good business practice adds value to a business, in both good times and tough times. A business that follows good practice benefits in many ways, such as:
• The business is more likely to be profitable, have better cash flow and operate with less financial risk
• The business may be easier to sell in the future, and possibly at a better price
• The business may find it easier to access external finance, including bank finance, if needed.

This checklist is to highlight good business practices that small and medium businesses should undertake at all times. Implementing ‘good business practice’ involves identifying the critical tasks that must be done to keep a business in good shape, and having the discipline to ensure that those tasks are carried out consistently and regularly. Good business practice calls for an annual review at least; better business practice will see you reviewing critical areas quarterly, or even monthly. If you undertake the tasks detailed in this checklist regularly, the end of the financial year should not create undue pressure for your business and you will be more likely to have the quality information you need to manage and grow your business, whatever conditions you face.

A checklist like this cannot be definitive. However, this checklist is intended to start you thinking about the specific actions needed to put your business on the right track and keep it there.
If you need assistance with any part of this checklist, your Accountant will be able to assist you.

The checklist has been divided into five components:

•    Financial Tasks
•    Strategic Financial Tasks
•    Strategic Management Tasks
•    Regulatory Requirements: lodging returns and forms
•    Personal Affairs of Business Owner.

This article will give you a detailed information about Financial Tasks.

Dowload HERE (pdf)