Cash Flow & KPI Assessment Results

Financial Skills, Guidance, and Decision Making

Overall rating of myself in this area: Financial Skills, Guidance, and Decision Making.50

I can read a financial statement (Income Statement, Balance Sheet, Cash Flow Statement).65

I know my Cost of Goods Sold, Gross Profit, Operating Expenses and Profit Margin Goals.50

I know my benchmarks for my Accounts Receivable, Accounts Payable, and Inventory.50

I know the difference between profits and cash.85

I know my key sales and cashflow KPI’s.100

I have reporting systems in place for all KPIs, financial and managerial accounting reports needed weekly, monthly, quarterly, and annually for streamlined and efficient reporting.10

I know my key financial statement KPI’s and have dashboards.75

We operate according to a budget.100

We have an organizational chart and roles that match our business and financial model.65

We have key benchmarks developed for the company’s business and financial model.50

We have a 1–3-year strategic plan in writing that our team can read and clearly understand.50

We have key benchmarks established for each person’s role and department.80

I have an owner's take-home goal.90

I have a long-term wealth goal for saving and investing – saving at least 10% of what I earn.75

We understand the reports and how to utilize them to maximize potential, turning data into coaching and feedback.90

Each team member knows their role, their KPIs, and how they support the company's larger goals.85

We have systems in place for quality control, fulfillment, and performance standards.85

Each team member knows how their contribution impacts the company’s profitability.80

Your Score:70

Recommendations:

• Learn how to read financial statements
• Have month end financials by the second or third week of the month
• Create a budget and/or cash flow forecast
• Set benchmarks for Sales, Cost of Goods Sold, Gross Profit, Profit, A/R, A/P, Inventory, and Cash Flow
• Set a Sales and Profitability goal for your Break Even and Desired Profit
• Look up industry averages for key performance indicators
• Establish KPIs for the business, departments, roles, and team members linked back to the organizational chart and budget
• Talk to others in your industry, join a association with others in industry to learn industry KPIs, and business model best practices
• Create an organizational chart
• Set goals for personal income, saving, and long term wealth

Comments:

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Business Planning & Goal Setting

Overall rating of myself in this area: Business Planning & Goal Setting.5

I understand and create S.M.A.R.T goals.15

I set and prioritize my goals, so I understand what needs to be addressed first.15

I keep my email inbox under 100 and my voicemails are returned within 48 hours.10

My workspace is organized, neat, clean, and free of clutter.50

I utilize goal setting to create progress and not just change. Change is automatic, progress is not.50

I leverage technology, time management, or goal-setting tools.75

I plan my day, weeks, months, and years in advance (in writing).20

Your Score:30

Recommendations:

• Make sure each of your goals is SMART!
• Create your Strategic Plan and set Quarterly, Annual, and 3 years goals
• Use a daily or weekly planner or app
• Dedicate at least 3-4 hours a week to work on the business and one strategic objective
• Have at least one day a quarter off site to review your strategic plan and recharge
• Prioritize your goals in terms of importance and the commitment on your calendar, budget, staffing, and resources needed for them
• Get your inbox under 100 🙂 Or try LOL!
• Identify 1 piece of technology you can leverage and use to reduce time and increase efficiency
• Clean your workspace and remove clutter

Comments:

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Tax Preparation and Planning

Overall rating of myself in this area: Tax Preparation and Planning.50

If you are a Single Member, or Partnership, you are also an LLC.50

I have evaluated the S Corporation option if a different entity type for tax savings.50

I have a way of capturing all my business expenses for deductions, including any out-of-pocket expenses, cash, or credit/debit card transactions.80

I review if Section 179 is helpful at the end of each year.100

I have evaluated S Corp Options.50

I use a Year End Tax Organizer.50

I have Year End Business Numbers ready by the end of the year – Jan 31st.100

My taxes are filed on time every year.50

I have a tax savings retirement account.50

I have a tax savings HSA account if I have eligible health insurance.50

I have evaluated options for involving my children in the business when they were young.100

I do tax planning before year-end.100

I send Tax Estimates in on time and are paid in full before January 15th.50

Your Score:66

Recommendations:

• Learn about the key tax strategies for the majority of taxpayers
• Use a Year-End Tax organizer
• Learn if you should be making quarterly estimated tax payments
• Learn key insights into cash flow your quarterly estimated tax payments
• Plan to have year-end tax planning meeting between October and December with accountant
• Evaluate entity selection on how to pay yourself and take income out of the business
• Know when you pay taxes: When is income distributed or earned?
• Start paying yourself consistently once a month, or determine a start date!
• Review S Corp Entity option if appropriate
• Evaluate Section 179 yearly if you have equipment purchases
• Capture all out of pocket and credit card expenses to reduce taxable income
• Evaluate retirement plans and an HSA for tax savings
• If you own your building, inquire if a cost segregation study would be worthwhile
• Learn more with our Tax Essentials online course about the strategies listed above

Comments:

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Bookkeeping & Accounting

Overall rating of myself in this area: Bookkeeping & Accounting.50

I complete the sales tax on time every period - if applicable.50

I have a reporting checklist that I gather all key accounting documents for the month-end financials by the 5th of the month.50

If I have bank statements, I complete the bank reconciliation every month, even if I don't have all the other financial statement information together by the 5th or 10th.50

I pay my bills on time for what is appropriate for my business/industry. Discount periods to bills are capitalized on if available (ex: Net 30 Days). Bills are paid before or by the due date.70

I collect timely, get invoices out timely, or get my money upfront, and have a way that I collect the cash in what is appropriate for my business/industry that maximizes cash flow.50

As an owner, I have evaluated if having a support person for day to day booking, billing, deposits, bill paying, invoicing internally or externally would be a good thing to start delegating.50

I run my business by my financial statement, not a checkbook.50

I can pay myself or take draws consistently – minimum once a month.50

Your Score:52

Recommendations:

• Set reminders on the calendar for monthly reporting and key tax due dates! Have key items together by the fifth of the month unless credit card or other keys docs take a little longer to receive each month
• Pay bills every 2-3 weeks or monthly if appropriate
• Put a reporting system in place of what documents are needed for your month end financial statement preparation
• Know 3 Key Tips for Onboarding with your Accountant to Support your reporting systems
• Revisit or create streamlined reporting for financial and managerial accounting, sales, and other key reports for the business. Getting the information you need in the least amount of reporting time, costs, and steps
• Look at getting a support/internal bookkeeper
• Confirm that the person doing the check writing and bill payment is not the same person doing the bank reconciliation
• Find an accountant to help with monthly financial statements, sales tax, quarterly tax estimates, and year end taxes
• Know how to communicate numbers with your team
• Reduce transaction costs if you have a debit, credit card, or online transaction fees. Get a review from someone that can compare credit card and transaction fees for potential savings
• Review and improve collection, billing, processes, or payments!

Comments:

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Audit Trail

Overall rating of myself in this area: Audit Trail.50

I don’t mix business and personal expenses.50

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I have a way to verify my sales that are and are not subject to sales tax (if applicable).75

I track my mileage and can substantiate it.50

I have a way to reconcile my sales to deposits that hit the bank. To make sure all cash is accounted for and no deposits are picked up as sales which would increase income and taxes.75

I have a way of creating a paper trail if I forget a receipt. By using payout vouchers to document your tax deductions up to the IRS’s acceptable expense limit for each voucher.50

I limit debit card activity to limit accounting activity.50

I have minimized the amount of checking, credit cards, loans, and activity on accounts to minimize accounting complexity.50

Your Score:56

Recommendations:

• Eliminate mixing of business and personal expenses Keep receipts and get envelopes for each month associated with each account (bank or credit card) or use an app to organize receipts Joseph Hastreiter's A Cash Flow and KP
• Organize receipts and mileage each month for your audit trail
• Use a payout voucher to substantiate your tax deduction if you forget a receipt
• Track mileage in a mileage log or app
• Double check and make sure your sales and reporting are reconciled to your deposits to ensure deposits not related to sales are tracked and not taxed. Also ensuring sales reports are accurate
• Minimize debit card transactions when paying for items - Only increases transactions on the bank statement to be accounted for, bookkeeping and accounting costs, and mixing of business and personal expenses typically. Usually it is smaller items and mixes more personal into your business accounts
• If an option, reduce the number of checking accounts and credit cards to reduce the complexity of accounts to gather, reconcile, code, and review each month
• If you use a credit card, try and make sure to receive frequent flier miles and pay off monthly!

Payroll

Overall rating of myself in this area: Payroll.15

My payroll reporting date, if direct deposit, is at least 3 days in advance.0

The time between your reporting date, and the date you get information for payroll to run payroll is at least 3-5 business days.50

I have reviewed ways to have fewer payroll runs, if applicable to my business/industry. Ex: weekly to bi-weekly, semi-monthly, or even once a month in some cases.0

Tax payments are made on time for payroll taxes.50

941 quarterlies and the Annual 940, and W-2s, 1099’s, are filed on time.10

Employees can access pay stubs online and W-2s.50

Your Score:25

Recommendations:

• Move your payroll reporting date to at least 3 days before the pay date in advance of having direct deposit. Given adequate turn around time
• Review if you can reduce your payroll runs/frequency. Weekly to semi monthly/bi-weekly, semi monthly/bi-weekly to monthly
• Find a payroll provider, and outsource it!

Comments:

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Key Business and Leadership

Leadership AND Management Skills15

Communication Skills20

Team Skills65

People Skills15

Sales and Marketing20

Life Skills50

Your Score:31

Recommendations:

• Listen to our WISN Radio Show weekly
• Listen to an audio book a week
• Read a book a month
• Listen to a podcast, YouTube videos, and audio books when driving, getting ready, or walking to utilize your time when your body is engaged and your mind is still free.
• Claim your free online course or enroll in another one.
• Attend our Cash Flow/Inflation Bootcamp.
• Complete our 8 Skills to Successful Business Ownership and Leadership Assessment.
• Schedule a strategy session.
• Get physical activity or time each week to recharge

Comments:

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Vision and Goal Setting Questions

Sales: Last Year/This Year/Next Year? (If handy)

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How many years have you been in business?2 - 5

Number of employees?26 - 35

Please choose your business entity status:C Corporation

What is great about your business? What have been your successes, wins, or what have you been proud of?

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What are the key challenges you are facing in your business? What has always been a challenge in your business?

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Where do you want your business to be in one year? If you were looking back one year from now how would you define success?

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Where do you want your business to be in three years? If you were looking back one year from now how would you define success?

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What is your Sales Goal in three years?

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Your Overall Score:47