BAQ Accounting

Business Assessment Questionnaire – Accounting

    Do you maintain your own accounting system?

    a. If so, what accounting software do you use?

    b. If no, who maintains your system?

    Do you maintain your own payroll system, ie. do you process your own payroll?

    a. If no, what service do you use?

    Do you collect and pay Sales Tax on your work product?

    Do you pay Sales Tax on your purchases of inventory?

    Do you pay Sales Tax on your purchases of tangible goods not including inventory?

    Do you take a salary?

    a. Is the amount greater than $22,000?

    Do you charge different amounts depending on whether a person pays by cash or by credit card?

    Do you have a written operating budget?

    a. Is it current (less than a year old)?

    Do you calculate and know your overall billable efficiency (billed hours per payroll hours)?

    Do you know your current break-even?

    a. If so, what is it?

    Note that #1 means you strongly agree,

    #2 means you somewhat agree,

    #3 means you neither agree nor disagree,

    #4 means you somewhat disagree and

    #5 means you strongly disagree.

    I receive and review current and accurate financial statements monthly (at a minimum Income Statement and Balance Sheet)

    The financial statements show current month and year to date data for both actual and budget

    We consistently review accounts receivable and keep on top of collections

    I have a great relationship with the bank and meet with our banker at least quarterly

    I meet with our accountant at least quarterly

    Our operations manual includes all of the accounting procedures

    We have adequate controls in place to prevent theft, fraud, and embezzlement

    We make timely tax deposits or use an outside payroll service to do so for us

    I review monthly financial statements within 10 days of the close of the prior month