• Client Business Assessment Part 5 -

  FINANCIAL MANAGEMENT SYSTEM
• Email address*
• Name*
• Are you focused on the overall value of your business or just revenue and profits?*
• Are you current with your tax filings? Have you developed tax planning and strategies? Do you accrue your taxes on an ongoing basis or react to tax needs at the end of the year?*
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• Does your company require a financial investment? Do you know how and where to get the investment? If an investment is required do you have a plan for how you would use the funds?*
• Do you personally have a Wealth/Asset Management protection plan in place? A structure in place to protect your asset against a lawsuit or attack.*
• Do you have budgets and forecasts, income statements, statement of cash flow and balance sheets? For how many years do you have them?*
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• What type of financial systems do you use? These are the systems a company puts in place to handle all of the financial aspects of the business, including financial reporting systems, expenses, management reporting systems, accounting systems, cash management systems and budget and forecast systems. *
• Who is currently on your financial management team (select all who apply)?*
  BookkeeperCPATax StrategistCFO/ Virtual CFOSmall Business AttorneyIP AttorneyEstate AttorneyTax Strategist/ Tax AttorneyPersonal BankerBusiness BankerWealth/Financial Advisor
• How often do you meet with each member of your financial team? *
• What were your revenues 3 years ago? *
• What were your revenues 2 years ago? *
• What were your revenues last year? *
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• What is your projected revenue for the current year? *
• Are you currently profitable? If not when do you anticipate achieving profitability?*
• What is your client acquisition cost?*
• What is your monthly burn rate? How much money you need to handle your monthly obligations?*
• How often do you evaulate your budget and spending and look for ways to streamline expenses to increase profitability?*
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• What is your collections process?*
• What is your pricing strategy?*
• What is your profit margin? Is this in line with your industry? Can you do anything to make them higher? *
• How do you manage your accounts payables and receivables?*
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• When is your monthly profit and loss statement completed for your business?*
• Are you using QuickBooks or do you have a bookkeeper to manage your payments, etc?*
• At what point will you entertain getting a CFO for your company?*
• What is your invoice process?*
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• When, on average, do your clients pay?*
• Do you run your business on a cash basis or accrual basis?*
• Are there any known holes in your financial management process?*
• Do you accept credit cards? If so, which? And how? Merchant account or PayPal/Square?*
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• What type of internal controls do you use? These are the policies and procedures a company puts in place in order to assure proper checks and balances of cash and other financial instruments.*
• Do you have a quantitative analysis? (breakeven point, fixed costs, variable costs, semi-variable costs)*
• What's your EBITDA (earnings before interest, taxes, depreciation and amortization)? *
• Does your business have enough funding to achieve its objectives?*
• Do you keep track of each offering and their profitability?*
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• How often do you raise your rates?*
• Do you use a formula to price your products and services?*
• Do you review your financials each week in your business? If no, why not?*
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• Do you have a process to keep track of what comes in on a daily basis?*
• What's your money back story and how do you feel it affects your business' financial health?*
• Do you develop your team around their money mindset?*
• Is there anything keeping you from having a profitable business?*
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