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Home FAQs Optometry-Optical-Ophthalmology Practices Selling a Practice Preparing for the sale What I need to know about financial reporting

What I need to know about financial reporting

Answer

Make sure all tax returns are completed, filed and up to date.  Avoid filing extensions. Keep your invoices and other financial papers in a readily accesible place.  Maintain up to date monthly revenue figures not older then 3 months from today. (VERY IMPORTANT).  Having these reports on computers and easy to access reports make it much easier for both the buyer and the lender.   Other items to keep at easy access:

  • 1099 and w-2 year end information for the last 3 years.
  • Current and year to date employment w-2 wage information
  • Retirement or Pension plan benefits paid
  • Health insurance paid for employees and the current monthly payments
  • Employee handbook outlining vacation and other benefits
  • Copy of the lease and any extensions or options

 

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