Below is a handy checklist to help you achieve Money Mastery. 

Before then, as the deadline approaches, we wanted to remind you that today marks the final opportunity to enrol in our Farm Financial Framework Program. 

By using the code BUDGET, you can avail yourself of a $500 discount, making the total investment just $2,000. This program is meticulously designed to equip you with the knowledge and tools necessary to comprehend your financial metrics better, thereby facilitating improved decision-making in the short, medium, and long term. 

To learn more about how our program can benefit you, simply click the link below: 

Farm Financial Framework Program

Additionally, we've prepared a handy checklist summarizing the essentials for achieving financial mastery. We encourage you to utilize this checklist to strategize and enhance your comprehension of money and the financial well-being of your business.  
 

Money Mastery – Base Level 

• Your bank reconciliations are complete and up-to-date 
• All your income, GST and taxes are filed, paid and current 
• All your bills are routinely paid on time 
• Payroll is automated, accurate and effortless 

• Your business is current with loan repayments and is in conformance with all loan agreements 
• Your accounting department is systemised 
• Financial statements including Cash Flow Budget and Balance Sheet are completed and reviewed monthly by the 5th to the 15th of each month 
• Each team member gets the relevant reports required and makes use of the information 
• Benchmark your budget annually to make sure it is delivering the outcomes you require 
• 12 monthly Cash Flow Budget is set and reviewed monthly 
• Systemise information gathering 
• Profit margins on each product or service category are known 
• You get paid first on a regular basis 
• You have read “Where has the Money Gone” 
• You have read “The Richest Man in Babylon” 
• You have read “CASHFLOW QUADRANT” 
• You have read “The Millionaire Mind” 

Money Mastery – Intermediate Level 

• The business owner gets paid what they are worth on the first day of every month 
• 10% of monthly turnover is held in a separate account for re-investment 
• 3 months’ cash flow is held in reserve in an insured bank account 
• Debt to debt-to-equity ratio is stable at a level that is consistent with owner’s risk profile 
• Return on capital employed is understood and targets are set 

• Return on equity is understood and targets set 

Money Mastery – Advanced Level 

• All financial ratio targets have been met and are reviewed quarterly 
• Your business is highly profitable and presents a great opportunity for an investor wanting to buy 
• You are pursuing sophisticated investing in business, property and shares 
• 10% of profit is donated to meaningful charities on a monthly basis 

Understanding your financials is a skill that anyone can learn. 

Have a great day, 

Andrew Roberts and the Farm Owners Academy Team 

P.S. Click here to learn more about the Farm Financial Framework program.