Since most owner-managers have backgrounds in sales, operations or engineering and rarely have formal training in finance and accounting, they often don’t know “what good looks like” in their accounting and finance department.
We designed this quiz to highlight the various areas of the accounting and finance function so that owner-managers can get a sense of what they could and should be expecting from their finance department.
We’ve divided the finance function into three categories:
- Basic accounting
- Financial analysis and forecasting
- Value added to the overall enterprise.
In each category, check the box that best describes how your accounting department functions in that area. At the end of the quiz, we’ll give you a rating of your accounting department and let you know how it compares against “what good looks like”.
To be fair, not all owner-managed companies need all of the functionality described in this quiz. For example, a company with revenues of $20mm that is fairly steady-state growth wise, will probably only need to rate themselves on the first two categories.
So that your results fairly reflect the state of your accounting function, click on the “Not Applicable” box of the third category if that question is not relevant to your business.
