Financial Health Assessment
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Identifying the blind spots in your current financial strategy is the first step towards building greater capacity and competency.
This assessment will help you:
You will be presented with a series of 24 statements. For each statement, please rank your organization on a scale of 1 to 5 where 1 is weak and 5 is strong.
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 |
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Identifying the blind spots in your current financial strategy is the first step towards building greater capacity and competency.
This assessment will help you:
You will be presented with a series of 24 statements. For each statement, please rank your organization on a scale of 1 to 5 where 1 is weak and 5 is strong.
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We have a budget that we monitor regularly.
1
2
3
4
5
WeakStrong
We prepare and review our financial statements monthly. (A complete financial statement includes a balance sheet, income statement, and a statement of cash flows)
1
2
3
4
5
WeakStrong
We consistently pay our vendors and contractors on time.
1
2
3
4
5
WeakStrong
We monitor our working capital to optimize cash flow.
1
2
3
4
5
WeakStrong
We understand our working capital requirements for the next quarter.
1
2
3
4
5
WeakStrong
We have access to working capital through lines of credit, investors or owner contributions.
1
2
3
4
5
WeakStrong
We utilize cloud-based software and systems (i.e. Quickbooks, Xero, etc.) to manage our finances.
1
2
3
4
5
WeakStrong
Our financial, practice management and inventory systems are properly configured and integrated.
1
2
3
4
5
WeakStrong
Our systems and processes support employee and customer satisfaction.
1
2
3
4
5
WeakStrong
We use the metrics and measurements from our financial systems to make important financial decisions.
1
2
3
4
5
WeakStrong
We are confident our data is secure, accessible only to the right people, and recoverable in the event of a disaster.
1
2
3
4
5
WeakStrong
Our payroll and timekeeping processes are efficient, compliant, and operate with minimal errors.
1
2
3
4
5
WeakStrong
We have confidence in the accuracy of our reports.
1
2
3
4
5
WeakStrong
Everyone has access to the financial information they need to do their job.
1
2
3
4
5
WeakStrong
We provide or receive ongoing training and support as it relates to our financial systems.
1
2
3
4
5
WeakStrong
Our financial processes are documented, simplified, and consistently followed by all.
1
2
3
4
5
WeakStrong
We consult with a CPA or Tax Professional on a regular basis.
1
2
3
4
5
WeakStrong
Our sales and use tax reporting is easy, timely and documented.
1
2
3
4
5
WeakStrong
Quarterly income tax estimates are prepared and paid.
1
2
3
4
5
WeakStrong
Income tax returns are filed in a timely manner.
1
2
3
4
5
WeakStrong
We understand and consider the business’s enterprise value when making big decisions.
1
2
3
4
5
WeakStrong
We have a plan for the business to survive a catastrophic external event.
1
2
3
4
5
WeakStrong
There is a plan in place to address the loss of a key person.
1
2
3
4
5
WeakStrong
We use predictive financial modeling (what-if scenarios) to help up make decisions and prepare for the future.
1
2
3
4
5
WeakStrong
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