4d • General discussion
5 Financial Red Flags: The 10-Minute Check
Stop financial problems before they become a crisis with this 10-minute monthly check. Most financial issues hide in reports for months before a board notices them, but you don't need to be an accountant to spot the early warning signs.
In this lesson, we break down five critical financial red flags:
- Stagnant Reserve Balances: Your reserves should grow every month; if they are flat or shrinking, you may be heading toward a special assessment.
- Rising Delinquencies: If accounts receivable (AR) climbs month after month, your collection process has likely stalled.
- Chronic Budget Overages: A single bad month is an anomaly, but a consistent pattern suggests a flawed budget or vendor overcharging.
- Vague Details and Round Numbers: Real financials are specific; suspiciously round numbers or missing backup invoices require immediate clarification.
- Missing Bank Reconciliations: The cash on your bank statements must match your financial reports. If they don't, errors or worse could be hidden in the books.
Learn how to review your financials effectively so you can ask the right questions before a meeting, not after a crisis.
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5 Financial Red Flags: The 10-Minute Check
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