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1. Are your bank and card accounts reconciled to your books every month?

Unreconciled accounts are the most common source of errors, missed payments and tax queries.

2. Do you get monthly management accounts within 20 days of month-end?

Without timely numbers, decisions on pricing, hiring and cash are guesswork.

3. Do you prepare a cash flow forecast at least quarterly?

A forecast shows cash gaps months before they become a crisis.

4. Is there an annual budget that you compare against actual results?

A budget with monthly variance reviews keeps spending and targets on track.

5. Have all tax returns and payments for the last year been filed on time?

Late filing brings penalties, interest and unwanted attention from tax authorities.

6. Does a second person approve payments before they are released?

Segregation of duties is the most effective defence against fraud and errors.

7. Is your accounting in a cloud system or ERP rather than spreadsheets?

Spreadsheets break, get overwritten and can’t scale with the business.

8. Could you produce year-end accounts and supporting schedules within a month?

Slow year-ends usually mean weak monthly routines and missing documentation.

9. Do you know your gross margin by product, service or customer?

Averages hide loss-making lines that drain cash and time.

10. Are employment contracts and payroll records complete and up to date?

Missing documents create disputes, penalties and problems in due diligence.