Financial tasks encompass activities within your organization/business that are concerned with the preparation of financial documents and statements. Such tasks should be performed regularly (if not daily) to avoid jeopardizing the quality of your business’ financial data. Essentially, financial tasks are instrumental in so far as the production of P&L statements and balance sheet are concerned.
In a similar vein, strategic financial tasks are crucial in determining the position of your business, evaluating whether or not your business is running in profits, as well as determining or projecting the future direction of your business. Delays in undertaking financial tasks can spell doom for your business in terms of preventing access to financial data, which ultimately affects your business operations and curtails your business flow.
This checklist delves into the strategic financial tasks to consider for your business.
1 Have you reviewed your business’ performance?
2 Does your budget reflect your strategic and financial targets?
3 Are there any gaps between your budget and the actual results?
4 How often do you undertake sensitivity analysis for your business?
5 Have you ascertained your business’ compliance with debt covenants?
6 Have you prepared a P&L statement?
7 Do you have a balance sheet?
8 Have you prepared a cash flow statement?
9 How often do you monitor and track interest rates on your business loans?
10 Have you prepared a cash flow forecast for your business?
11 Are future cash flow shortages addressed in your projections?
12 Have you conduct market valuation for your assets?
13 Are your cash flow projections updated to reflect actual results?
14 Do you monitor and track your ongoing cash positions?
15 Do you have an income P&L budget?
16 Does your P&L budget incorporate financial and strategic targets?
17 Are your business sales and production targets set?
18 Have you undertaken a variance and break-even analysis?
19 Are your financial statements analyzed against set financial targets?
20 Are your key ratios compared to industry averages?
21 Have you set targets for financial performance?
22 Are your set targets included in your budget and strategic plans?
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