Warrant of Finance
It is often not until a sudden illness, leave of absence, or a death in the family occurs, that problems in your business finances are uncovered. Emergency cover is required meaning other staff get involved and hey presto “what the…” comes up in an embarrassing, shocking and sometimes soul destroying way – what has been going on in my business?!
Get a GoFi8ure WOF for peace of mind
One way of restoring ‘peace of mind’ in this area is a worksite assessment and review of your ledger by GoFi8ure. Consider it a “Warrant of Fitness” in your business risk management plan. You review your insurances annually, so why not do the same with your accounts?
One of our qualified, certified GoFi8urines will get in there and review the accounting ledger, files, IRD filings, paper management, and coding, along with reporting to management. We look at the processes and systems used to see if there are any areas that are not working that well. As part of your WOF you will receive an in-depth breakdown of our diagnosis so your accounts can be brought up to date and start working as they should be.
Unsure if you need a WOF?
If you are unsure about need a Warrant of Finance and want to further investigate the situation for yourself, then you may want to ask your accounts staff the following questions:
- When was the last time you sighted a bank statement with the bank reconciliation report from your ledger system to support it?
- Do you sign off the monthly bank statements when they arrive in the mail?
- Do you sight the incoming postal mail with debtor receipts, supplier invoices and statements?
- Who reconciles the banking?
- Have you asked about old debtors and how they are being chased up? Or are they left because there is an issue that’s just too hard for a staff member to deal with?
- How much money do you really owe to suppliers, and are you making payments? This is your reputation here so it pays to check
- When was the last time you signed off your PAYE and GST returns, and looked at the reconciliation reports behind them?
- Do you know how the income and expenditure is coded and with correct GST etc? You would be surprised how mistakes creep in and, if you don’t check, it won’t get corrected unless someone like a qualified, certified GoFi8urine comes along and says “Goodness, 3 months of coding and it’s all NT for GST; let’s reconcile this correctly shall we!”
- Have you checked the paper filing is all up-to-date? A messy desk and out of control filing, or lack of, is a high sign of “I am not on top of it, help!”
- Do you know if your GST returns and PAYE returns are being filed with IRD on time and, more importantly, paid on time? Late payment penalties and interest mount up and staff can easily hide this! (Well they try to, but we find it and reconcile it. We would rather you have the money so check it out!)
- Do you get a dashboard from your accounts staff with current assets, debtors, creditors, cash flow, budget variances, and year-to-date wages, as well as accruals, forecasting, and your shareholders current account explained?
- If you don’t process payroll, who does? Who checks their work for accuracy on leave and payments made? These should be signed off by business owner!
- When was the last time the general ledger was checked for its coding and classification? Once a year by the CA is not enough – it needs to be reviewed at least monthly!
- Petty cash, company credit cards, business mobiles, petrol card, company vehicles – if you are letting staff use there, are they being used appropriately? Are you not leaving yourself wide open for misappropriation? Who checks?
Time to take control of your business
If you cannot get answers to the above, you need GoFi8ure! If this feels like it might end up being an uncomfortable conversation, then you have lost control of your role as a business owner. Talk to us now about organizing a GoFi8ure Warrant of Fitness on your ledger, and we can reconcile the file, get you back on top, prepare a report, and put you in touch with the experts who can help with the tough conversations!
You don’t know what you don’t know, because you won’t know that you don’t know it! So make sure you take the time to find out how your accounts are functioning. If you want to find out more about how your books are really doing, seek out peace of mind with GoFi8ure by contacting us today.