May – Here we go again because death and taxes are inevitable. Back to Step 1 – Cycle recommences; annual financial statements and tax return information submitted to Health and Life after 30th JuneX1. If you are undergoing a restructure, setting up a new practice or experiencing a growth phase, the process takes 18 months so you may be experiencing higher than average bills. To mitigate this for accounting clients only we have a free quarterly feedback and mentoring service with either your Chair/Managing Principal or CEO/Practice Manager. This is normal and we would have budgeted for this assuming all things have gone to plan. Implementation Timetable High Performance Pathway – Practice Traffic Light Reporting Cycle Item No. When What Next? Frequency Who* Solutions Hyperlink 1. February/April Personal Financial Planning Annually You Read on… How Much Do I Need to Retire? This process will assist in personal cash flow and tax planning by providing 5 year & 12 month business and personal financial projections Read on… High Performance Practice Traffic Light Reporting Lifecycle 2. May Tax Planning Annually Health and Life Read on… Budget Planner May – Business and Tax planning for the following financial year 3. September/October Financial Statements & Management Accounting Letter Annually Health and Life October – Responding to management accounting letter. 4. September/October Tax Returns Annually Health and Life September/OctoberSubmitting responses to the annual tax return checklist for each entity. 5. October/November The Good Bad & Ugly Report Annually or Bi Annually Health and Life Read on… The Good, Bad and Ugly report A free practice coaching session Includes benchmarking Stipulates best practice benchmarks and 12 to 18 month strategy recommendations 6. October/November Business Coaching Semi-Annually Health and Life – No Charge Read on …The Good, Bad and Ugly report Only if The Good Bad & Ugly Report completed. 12 month strategy discussed with the Board**. Read on… High Performance Management Planning 7. October/ November 12 Month Operating Plan Annually Your Practice Read on…Operating Plan Board agrees to key strategic recommendations Read on... High Performance Management Planning 8. November 12 Month Operating Budget (based on Operating Plan) Annually Your Practice Read on… Operating Plan Based on agreed strategic objectives. Important if profitability and cash problems or significant change exist. Read on… High Performance Management Planning 9. January The 3 year Strategic Plan Tri-Annually or when significant change is required Your Practice Read on… Strategic PlanRead on… High Performance Management Planning 10. October to February Management Accounting Letter Report Annually Health and Life May – Here we go again because death and taxes are inevitable. Deadline to respond to accounting systems report. The earlier completed will reduce accounting fees. Statutory Compliance Mandatory *Health & Life can assist in the initial set up ** Board means a meeting of practice owners. No Board exists for a single owner operator. David DahmHigh Performance Traffic Light Reporting Lifecycle10.13.2014
