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Financial Health Checklist for Growing Businesses
Evaluate 15 critical accounting controls, cash flow forecasting readiness, and financial reporting visibility.
15 Critical Financial & Reporting Controls
Your financial close is completed within 10 business days of month-end with accurate financial statements.
All bank accounts, credit cards, merchant processors, and loans are fully reconciled monthly.
Your Chart of Accounts is cleanly structured by revenue streams, department cost centers, and expense types.
Earned revenue is properly matched with incurred expenses; deferred/unearned revenue is accurately recorded.
Days Sales Outstanding (DSO) is tracked weekly with systematic collections for invoices over 30 days past due.
Vendor invoices require manager approval against Purchase Orders, and vendor payment terms are leveraged.
Gross profit margins are analyzed per SKU, service package, or client segment to eliminate loss-leading offerings.
Operating costs are strictly separated into Direct COGS, Sales & Marketing, and General & Administrative (G&A).
Sales tax, payroll tax withholdings, and corporate tax returns are filed punctually with zero penalty notices.
Leadership maintains a continuously updated 13-week cash forecast model predicting receipts and disbursements.
Monthly variance reports are reviewed to identify budget overruns and adjust spending proactively.
Founders and key executives know your exact net monthly burn rate and runway remaining in months.
CAC, LTV, Magic Number, Retention, and Contribution Margin metrics are monitored month-over-month.
Financial models include downside risk scenarios (e.g., -20% revenue drop or delayed client payments).
Senior leadership receives strategic financial commentary, board decks, and capital growth planning monthly.
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