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.WhenWhat
Next?
FrequencyWho*Solutions Hyperlink
1.February/AprilPersonal Financial PlanningAnnuallyYouRead 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.MayTax PlanningAnnuallyHealth and LifeRead on… Budget Planner May – Business and Tax planning for the following financial year
3.September/OctoberFinancial Statements & Management Accounting LetterAnnuallyHealth and LifeOctober – Responding to management accounting letter.
4.September/OctoberTax ReturnsAnnuallyHealth and LifeSeptember/OctoberSubmitting responses to the annual tax return checklist for each entity.
5.October/NovemberThe Good Bad & Ugly ReportAnnually or Bi AnnuallyHealth
and Life
 Read on… The Good, Bad and Ugly report A free practice coaching session
  Includes benchmarkingStipulates best practice benchmarks and 12 to 18 month strategy recommendations  
6.October/NovemberBusiness CoachingSemi-AnnuallyHealth and Life – No ChargeRead 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/ November12 Month Operating PlanAnnuallyYour PracticeRead on…Operating Plan
   Board agrees to key strategic recommendations Read on... High Performance Management Planning
8.November12 Month Operating Budget (based on Operating Plan)AnnuallyYour PracticeRead 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.JanuaryThe 3 year Strategic PlanTri-Annually or when significant change is requiredYour PracticeRead on… Strategic PlanRead on… High Performance Management Planning
10.October to FebruaryManagement Accounting Letter ReportAnnuallyHealth and LifeMay – 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.