How it works: For each question, select Yes, Partially, or No. Be honest — this assessment is only useful if it reflects where your business actually is, not where you'd like it to be. Your score and a personalized summary will appear at the end.
Cash Flow
Do you know, right now, how much cash your business has — and how much is coming in and going out over the next 30 days?
Cash flow visibility is the #1 difference between businesses that survive a slow month and those that don't.
Has your business ever been unable to pay a bill, payroll, or supplier on time due to cash shortages?
Recurring cash crunches are a sign of a structural problem — not just a bad month.
Do you have at least 60 days of operating expenses in reserve (cash or available credit)?
60 days is the minimum buffer to weather a slow period, a late client payment, or an unexpected expense.
Financial Reporting
Are your books up to date — reconciled, categorized, and closed for last month?
Stale books mean every financial decision you make is based on old information.
Do you review a Profit & Loss statement every month?
A P&L review takes 15 minutes and is the single best habit a business owner can build.
Do you know your gross margin — and whether it's improving or declining over time?
Declining margins often go unnoticed until they become a crisis. Catching them early is the job of good financial oversight.
Tax & CRA Compliance
Are your GST/HST returns filed on time with no outstanding balances?
CRA interest and penalties compound quickly. Outstanding GST balances are among the most expensive debts a small business can carry.
Are payroll source deductions remitted to CRA on time each period?
Late remittances can result in director liability — meaning personal liability for the business's CRA debt.
Do you have a tax strategy in place — not just filing, but actively planning to minimize your tax bill?
Most Canadian SMBs significantly overpay tax because they don't plan proactively. This is one of the highest-ROI conversations you can have with a financial advisor.
Planning & Decision-Making
Do you have a budget or financial forecast for the current year?
Businesses with a written financial plan grow faster and make better hiring and investment decisions.
When you make a significant business decision (hiring, equipment, new service), do you model the financial impact first?
Gut-feel decisions aren't wrong — but gut + numbers is significantly better than gut alone.
Do you know what your business would need to look like to sell it — or pass it on — in the next 5–10 years?
Financial Operations
Do you use accounting software (QuickBooks, Xero, Sage, etc.) consistently and correctly?
Are your personal and business finances clearly separated?
Mixing personal and business finances is one of the most common audit triggers and makes accurate reporting nearly impossible.
If you needed to produce financial statements for a bank or investor today, could you do it within 48 hours?
Your ability to move fast on financing or growth opportunities depends entirely on having clean, current financials ready to go.
Want a second set of eyes?
Book a free 15-minute financial assessment with a Twenty32 expert. We'll walk through your specific situation and tell you exactly where you should focus first.