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The 2-Minute Books Check

Ten questions about your own books. You'll get a grade, your weakest spots, and what I'd look at first. No email needed to see your results.

1Without logging in anywhere, do you know roughly how much cash the business has today, and whether it covers next month's payroll, rent, and insurance? Yes, both Roughly, but I'd have to check No

2When you pay yourself out of the business, where does it show up in the books? Its own owner's draw account, separate from expenses Some of it ends up in expenses I'm not sure

3How often is your bank account reconciled (checked line by line against the bank statement)? Every month Every few months, or at year end Never, or I don't know

4In QuickBooks, how much is sitting in Uncategorized, Ask My Accountant, or Undeposited Funds? Little or nothing Some A lot, or I don't know what those are

5If a lender asked for your balance sheet today, could you send one you trust? Yes I could print one, but I'm not sure it's right No

6How recent is the latest P&L you've looked at? Last month's A few months old I only see one at tax time

7When you look at your P&L, how many months do you look at? Three or more, side by side Just the one month I don't really look at it

8When you make a loan payment, is it split between principal and interest in the books? Yes, or I have no loans The whole payment goes to an expense I'm not sure

9In the last two years, has a tax bill caught you off guard? No, the money was set aside Once More than once

10The last time you made a big call (a hire, equipment, a price change), did your numbers help you make it? Yes Partly, mostly a gut feeling I didn't look at them

0 of 10 answered

Your result

One note on taxes: planning the tax itself belongs with your CPA or enrolled agent, and I don't give tax advice. What I can do is keep the books current enough that they're planning from real numbers instead of last year's guess.

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skyler@willowcreekcma.com (208) 430-3323

Willow Creek Accounting LLC is not a licensed CPA firm and does not perform audits, reviews, compilations, or any other assurance service. Skyler Larsen holds the Certified Management Accountant (CMA) designation from the Institute of Management Accountants, a management accounting credential that is not a license to practice public accountancy. We do not prepare tax returns or provide tax, legal, or investment advice.