UMBCPA LLP: "What is the State of Your Business?" Quiz

Take the "What is the State of Your Business? Quiz

1. ALWAYS
2. MOST OF THE TIME
3. SOMETIMES
4. NOT VERY OFTEN
5. NEVER

Do you receive the three major financial statements on time every month?
Do you know that these statements are accurate?
if needed, can your accounting department give you the company's financial position immediately?
do you meet with a financial adviser frequently to review financial statements to improve profitablility and cash flow?
do you project cash flow and profitability at least 90 days in the future?
do you use a daily financial dashboard or report from which to manage your business?
Before you make any major decision, do you consult a CPA and understand the impact on cash flow and profitability?
Are you comfortable that you have controls in place to protect your assets from theft, embezzlement or fraud?
Do you know the value of your business?
Can you estimate your tax liability at any time during the year so you can be proactive in managing your tax liability?

TOTAL _______

SCORE STATE OF BUSINESS

1-15 Business Under Control

16-25 Business Control Questionable

26-35 Lack of Control and Stability

37-50 Danger: Spinning Out of Control

UMBCPA LLP