Healthy Business Accounting Habits Quiz

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Are your accounting habits helping or hurting your business?  Take this quiz to find out.

Quiz Questions

• 1.
  Do you have a separate bank account for business purposes only?

  • A.
    Yes

    (Correlates to: You're in the money!, You're off to a great start!)
  • B.
    No

    (Correlates to: Your books probably need some TLC)
• 2.
  How often do you reconcile business bank accounts?

  • A.
    Once a month

    (Correlates to: You're in the money!)
  • B.
    Quarterly

    (Correlates to: You're off to a great start!)
  • C.
    Annually

    (Correlates to: You're off to a great start!)
  • D.
    Never

    (Correlates to: Your books probably need some TLC)
  • E.
    What does reconcile mean?

    (Correlates to: Your books probably need some TLC)
• 3.
  Do you know your business's break even point?

  • A.
    Yes

    (Correlates to: You're in the money!, You're off to a great start!)
  • B.
    No

    (Correlates to: Your books probably need some TLC)
• 4.
  Is your business current on its tax filings and payments?

  • A.
    Yes 

    (Correlates to: You're in the money!, You're off to a great start!)
  • B.
    No

    (Correlates to: Your books probably need some TLC)
• 5.
  Does your business have positive monthly cash flow?  

  • A.
    Yes

    (Correlates to: You're in the money!, You're off to a great start!)
  • B.
    No

    (Correlates to: Your books probably need some TLC)
  • C.
    I'm not sure

    (Correlates to: Your books probably need some TLC)
• 6.
  Are monthly expenses on or under budget?

  • A.
    Yes

    (Correlates to: You're in the money!, You're off to a great start!)
  • B.
    No

    (Correlates to: Your books probably need some TLC)
  • C.
    Haven't gotten around to budgeting

    (Correlates to: Your books probably need some TLC)
• 7.
  Bills are paid...

  • A.
    Always on time.

    (Correlates to: You're in the money!)
  • B.
    Sometimes on time.

    (Correlates to: You're off to a great start!)
  • C.
    Usually late.

    (Correlates to: Your books probably need some TLC)
• 8.
  Are you making a profit?

  • A.
    Yes

    (Correlates to: You're in the money!)
  • B.
    Not Yet

    (Correlates to: You're off to a great start!)
  • C.
    I'm not sure

    (Correlates to: Your books probably need some TLC)

Quiz Outcomes

• 1.
  You're in the money!

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  Congratulations! You're committed to healthy business accounting habits and it shows. Good documentation, record keeping and relevant analytics will definitely help your business thrive in the long run. Seeing as you take great care of your business's financial well-being, you are well aware of how time consuming and tedious accounting tasks are. Imagine how much time you could save by outsourcing this part of your business to a professional! A professional bookkeeper with a background in accounting can further streamline your processes to make sure that you don't miss a cent of revenue or a deduction. If you'd like to explore options to free up your valuable time by adding an accounting expert to your team, feel free to book a consultation to discuss your needs.
• 2.
  You're off to a great start!

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  You're making a solid effort to keep up with your business's accounting requirements, but some things tend to fly under the radar. Trust me, I completely understand! As an entrepreneur, I know how hectic things can get when you're juggling day to day tasks. Not only that, I know accounting can be intimidating. We tend to procrastinate on things we're uncomfortable doing. The good news is, you have a couple of options to make expert level accounting part of your business: 1. Attend a four year university for a bachelor's degree in accounting, work as an accountant for many years, then go on to earn an MBA to incorporate business strategy into your accounting knowledge; or 2. Book a consultation to learn how to adding an accounting expert to your team can help. I love numbers, strategy and I've already been through option one! Having a bookkeeper with an accounting background on your team will allow you to guage how well your business is really doing. With good recordkeeping and a better grasp of day to day tasks, you can then use your financials to budget, forecast and improve your business's financial health. The extra time on your hands is an added plus!
• 3.
  Your books probably need some TLC

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  If you're intimidated by accounting, you're definitely not alone. In a TD Bank poll, 58% of business owners said that accounting gives them the most headaches. It's time consuming, tedious and sometimes confusing. BUT, healthy accounting practices are not only a good idea...they are vital to the success of your business. Whenever I work with business owners, I like to make accounting topics as non-threatening as possible. It's a lot easier to be engaged when you understand the tasks at hand. Or, it could be that you simply don't have time to give your books the attention that they need. If you only think about accounting when it's time to file taxes, then your business in need of a system that works. Book a consultation to determine how we can build a well-oiled, paper-free accounting machine. With a bookkeeping professional on your team, expect to go beyond simple compliance. The goal is to drive growth through healthy books.