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.
High Performance Pathway – Practice Traffic Light Reporting Cycle
|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|
|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.