There are many dimensions to financial health, including the amount of savings you have, how much you are setting away for retirement and how much of your income you are spending on fixed or non-discretionary expenses. Not being sure of your bank balance, paying bills late and running behind on government remittances are sure signs you have an improper bookkeeping system. Businesses that have competent record keeping always know who owes them money. They have a clear view of the direction they are heading and can have financial reports ready for the bank in a matter of hours. Without proper and on-time bookkeeping you could lose control of the business you have worked so hard to build! Do you pass the ‘Financial Health Check’?

Ray Mihalicz, Ray-Lo Bookkeeping Services
www.raylobookkeeping.ca