A simple business checklist
Small business profitability checklist
Ten bookkeeping habits that help you understand your numbers and see where the profit comes from.
Tick each statement you can confidently say Yes to. Leave it unchecked if it needs attention or you’re unsure. Then choose one unchecked item to work on first.
Make the checklist useful
Pick one gap. Take one step.
Your ticks show the habits you have in place, not your actual profit. Unchecked items are useful starting points, not a pass or fail.
- Records or reconciliations need attention? Gather one month of bank and card statements and list what’s missing. Explore catch-up or monthly bookkeeping.
- Costs or pricing unclear? Compare one completed job’s income with its direct costs. Explore project tracking and profitability analysis.
- Reports or tax preparation need work? Gather your latest reports and write down questions for your tax professional. Explore reporting and year-end support.
Want help with an unchecked item?
Bring it to a conversation with Billy & Ashley. It gives you a clear place to start discussing the support your business needs.
FREE RESOURCE
Do you know which parts of your business actually make money?
Ten quick yes-or-no questions that show how well your books answer the questions that matter most. Takes about two minutes.
QUESTIONS 1–4
Profit and accuracy.
Answer yes or no to each one, and keep count of your no's.
Do you know last month's profit?
01
Can you say with confidence whether last month was profitable, without waiting for year-end?
Are your accounts reconciled?
02
Do your bank, credit card and loan balances in the books match your statements every month?
Do you know your best margins?
03
Can you name which services, products or customers carry the best margins, and which only look busy?
Do you know what each job earned?
04
Can you see revenue, direct costs and gross profit for each project, side by side?
Accurate Books
✳︎
Financial Insights
✳︎
Cash Flow
✳︎
Payroll Support
✳︎
Clear Reporting
✳︎
Accurate Books ✳︎ Financial Insights ✳︎ Cash Flow ✳︎ Payroll Support ✳︎ Clear Reporting ✳︎
Questions 5 & 6
5. Are your books current through last month, or are you catching up at night and on weekends? 6. Do you have a look ahead at taxes before year-end, instead of finding out in March?
QUESTIONS 7–10
Costs, reports and planning.
Would you catch a creeping cost?
01
Would a duplicate charge or a slowly rising expense show up within a month?
Can you read your reports quickly?
02
Do you get a profit and loss and balance sheet you can understand in a few minutes?
Are your books tax-ready?
03
Do your numbers tell you where your time and money will do the most good?
Do you know where to focus next?
04
Could you hand your tax preparer clean, reconciled books tomorrow?
“Our goal isn’t simply to balance your books. It’s to give you financial information that helps you make better decisions about where to spend your time and money.”
— BILLY & ASHLEY FOWLER
How did you do?
If you answered no to three or more, a short conversation will show you where to start. No pressure and no jargon.