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Misty I agree, The other big factor is make sure proper...

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gophagold

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30/12/17

23:28

Post #: 29954138
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Originally posted by mistyrains ↑

"Sometimes the balance sheet makes good reading."

Not just the Balance Sheet, should always look at past year's Profit & Loss Account (or Income & Expenditure Statement) lodged by the owner in his tax returns with the ATO.

re wages and concern that owner has not been drawing wages, the Profit & Loss Accounts will show that, get an experienced accountant to go through and explain the figures with you.

And, ask for a Cash Flow Statement of the business. The Cash Flow Statement is the link between the profit & loss Account and the Balance Sheet.

Just my thoughts.

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Misty I agree,
The other big factor is make sure proper stocktake figures are by registered stocktaker,huge profit margins can be produced with incorrect stock figures.
Gppha.
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