Accept Our Fourth-Quarter Owner's Challenge

Spend one hour working ON your business every Friday for 10 weeks.

In our office, Friday is the least stressful day of the week, so it's a good day for Cheryl to work ON the business. During the fourth quarter every year, she devotes one hour of every Friday to reviewing and analyzing business metrics for the current year.
This is your invitation to join Cheryl in the Owner's Power Hour. We'll have a singular focus for the hour: accounting and financial readiness for year-end and the 2021 tax season. There are 11 Fridays between now and December 17. Use this plan and put in 10 solid hours of review and analysis for your business -- you'll even get to take the week of Thanksgiving off!
Friday, October 8 –1099s
  • Have I done the IRS test to determine if any contract worker should really be treated as an employee?
  • Do I have completed W-9's on file for every contractor used in 2021?
  • Did I use any legal services this year? All attorney fees must be reported on a 1099, even if paid to a corporation.
Friday, October 15 – Accounts Receivable
  • Strategic outlook: Do you have less cash than you think you should?
  • Are there any items over 30 days? If so, why?
  • Any bad debt write offs needed?
  • Collections & follow up needed?
Friday, October 22 – Accounts Payable
  • Am I missing something?
  • Is anything late?
  • Do I need to call a vendor to make arrangements?
  • Any errors on my end or a vendor’s end?
  • Strategic outlook: Are you using terms to your advantage?
Friday, October 29 – Banking
  • Are my bank accounts reconciled through last month?
  • Are there any checks outstanding for more than 45 days?
  • Is my Petty Cash account accurate & do I have the backup receipts?
  • Strategic outlook: Do you have a personal banker for the business?
Friday, November 5 – Assets
  • Have I run a transaction report that shows items purchased over $1,000 & was it an asset?
  • Did I have any employee advances? Are any funds due to me or do I write it off?
  • Do I still have the assets that are on my Balance Sheet?
  • Are my pre-paid deposits (e.g., rent) accurate or have they been applied to a bill (e.g., utilities)?
  • Common pitfall: Did you buy a new service vehicle or make any leasehold improvements? How are those transactions recorded?
Friday, November 12 – Credit Cards
  • Are my credit cards reconciled thru last month?
  • Are all of my credit cards listed in my accounting software?
  • Common pitfall: Did you use your personal credit card to buy things for the business this year?
Friday, November 19 – Payroll
  • Are all of my payroll taxes paid?
  • Check the state & federal website to make sure all posted properly.
  • Are my payroll liabilities correct?
  • Is my payroll being posted properly on the P&L and B/S?
  • Common Pitfall: Are your contractors really contractors, or will the IRS say they are employees?
Friday, November 25 HAPPY THANKSGIVING
Friday, December 3 – Loans (both short & long term liabilities)
  • Has the principal & interest been split?
  • Are the accounts reconciled & balance to the loan statement?
  • Strategic Outlook: Did you take out any personal lines of credit to use for the business?
Friday, December 10 – Balance Sheet Final Review
  • Confirm all assets and liabilities.
  • Confirm all equity (shareholder distributions).
  • Did I put any personal money or buy anything with personal credit cards that I forgot to enter into the accounting system?
  • Strategic Outlook: Have you made a year-end appointment with our team?
Friday, December 17 - Profit & Loss Deep Dive
  • Is all my revenue coded correctly?
  • Make sure there are no expenses entered in error.
  • Make sure any personal funds are not entered as income.
  • Do I have reimbursable expenses?
  • Are my expenses broken down so I can analyze details (e.g., interest expense by credit card, loan)?
  • Confirm company payroll portion matches payroll reports.
  • Do I have W9's for all contractors?
  • Do I need to record S-corp medical expenses? (may need to double check with CPA)
  • Double check transactions for consistency (e.g., insurance break out - auto vs. business liability vs. worker's comp).
  • Strategic Outlook: Do you know what your top selling product/service is for 2021?

Would you like an accountability partner?

If you'd like a reminder every Friday morning for 10 weeks, just enter your email address and we'll send it!

This isn't a ploy to add you to a mailing list.  We'll use your email only to send you the 10 weekly reminders. We're accountants; not extroverts!