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.
