How well do you know the financial condition of your company?
Checklist for business owners and entrepreneurs
Congratulations!
Especially for owners of small and medium businesses, the Finmap team has prepared a checklist.
MONEY
You know for sure:
How much money is in each account now?
What is your regular income, in particular, which clients pay you and how much?
Which of your customers owe you, when and how much do they plan to pay you?
When, to whom and how much do you owe?
What is your future income?
How much money will be in the company’s accounts tomorrow, as well as the day after tomorrow, in a week and in a month?
PROFIT
You know for sure:
What were your company’s earnings last month?
What is your most profitable product?
How much does each manager or specialist earn?
Which employees (specialists/projects) or teams earn the most?
What is your breakeven point?
Which projects are the most profitable?
FINANCIAL MODEL
You know for sure:
How are your earnings generated?
What is a sales funnel?
How can you influence each step of the sequence to improve efficiency?
What is the cost of attracting one client?
What are your variable (changes based on your turnover) and fixed costs (e.g. rent, fixed salary, taxes), including subscription fees for the various services and programs you use?
What additional costs do you incur for projects?
How are project costs allocated?
What is the budget for each specific project?
What are the rates for each?
How much is your business investment (e.g. office, office equipment) worth and how much should it return (ROI)?
How much do you plan to earn next month and next quarter?
ANALYTICS
You know for sure:
What services and projects are the most profitable and why?
What is the profitability of your entire company?
Why is an increase in turnover not the same as an increase in profits?
How much time does each manager spend on a particular project?
What is the share of the manager’s remuneration in each project?
When can a cash gap occur?
REPORT
You analyze 3 main financial statements:
Cash flow
Profit and loss report
BALANCE
You know for sure:
How to build a financial model?
How to calculate the cash flow and profit of the enterprise?
What are your assets and liabilities and how does their structure change over time?
How solvent is your company?
CASH FLOW MANAGEMENT
You know for sure:
How to use the cash basis in cash flow statements?
That you’ve kept a record of each transaction?
What information is entered under the same receipts and expenditures of funds?
