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Hi Rachael

I’m an accountant myself and saw your post.

The first thing I would do is run a month by month profit and loss statement for a full financial year so you can identify trends in expenses and income.

I would also do what’s called a contribution margin analysis by product if it’s possible , to check where gross margins are being won and lost.

To be able to see if money has been withdrawn for the owners personal use, look at balance sheet accounts like drawings or loans to directors.

But to begin the due diligence please check for trends in cost and income. If costs are rising or falling why?

Likewise, if income is rising or falling, look into that.

I hope you gain great satisfaction from running your own show.

Good luck.


Ps- giving up a $100k per annum job can be a good move providing its for the right reasons.