Business
Evaluation Checklist: Financial
Finance Alternatives
- Are all types of finances and lengths of
loans balanced against the purpose funds are
borrowed for?
- Are arrangements in place for overdraft
protection?
- Have future cash and/or loan requirements
been determined?
Profit and Cash Flow
Planning
- Are budget projections prepared?
- Is an incentive plan in place to encourage
employees to exceed budgets?
- Are cash flow requirements known for the
next three months?
Credit
- Is there a defined credit policy?
- Does credit policy cover: payments,
discounts, interest, reference requirements, and
credit bureau checks?
Credit Procedures
- Are all credit terms clearly explained in
writing to the new customer?
- If new customer isa company, is there a
personal guarantee from the owner or company
officers?
Recording System
- Do invoices clearly communicate terms and
conditions of payment?
- Does the accounting system provide accounts
aging for 30/60/90 days?
Collections
- Is a defined written collection policy in
place?
- Are discounts offered to encourage early
payments?
Accounts Payable
Management
- Is a monthly accounts payable aging
completed?
- Is the accounts payable aging tied to cash
flow projections?
Insurance
- Have all policies been reviewed in the last
12 months?
- Are rebates and discounts offered by
insurance companies for certain physical or
procedural situations?
Fire Insurance
- Has policy premium reduction been requested
for fire prevention equipment installed on the
premises?
Burglary Insurance
- Does policy cover: inventory, equipment,
furniture, theft, and vandalism?
Public Liability
Insurance
- Has policy been reviewed for coverage of:
goods sold, parking lots, etc.?
Motor Vehicle
Insurance
- Have company drivers driving records been
examined?
Workers Compensation
Insurance
- Are all available discounts being taken?
Personal Accidents and
Sickness Insurance
- Are employees covered for accidents
occurring off the business premises, after
hours?
Business Interruption
Insurance
- In event of total destruction, have costs to
continue business been considered?
Life Insurance
- Have "old" policies been reviewed to
determine whether they are still applicable and
relevant?
Key Man Insurance
- If there is key man insurance coverage, is
it adequate and reviewed regularly?
Premises Lease
- Are all option exercise dates known?
Equipment Leasing
- Has sale leaseback or a renegotiation of
leases at lower interest rates been
investigated?
Office Supplies
- Are competitive quotes sought from numerous
suppliers?
- Are office supplies secure from staff
"helping themselves?"
Income Taxes
- Has an accountant reviewed business
structure to ensure that tax benefits are
maximized?
Sales Taxes
- Have regulations been reviewed to ensure
that taxes applicable to goods are correct?
- Are all discounts deducted when determining
the amount of sales tax payable?
Property Taxes
- Are all concessions, rebates, and exemptions
offered under property tax regulations being
used?
Payroll Taxes
- Are procedures in place to ensure that
returns are submitted on time and correct wages
declared?
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