The success of any business can be linked directly to organized financial reporting. Knowing exactly what profits are coming in, what expenses are going out, where business is coming from, and how to maximize finances is the best way to keep a business growing and ready for the long haul.
In this episode, I cover the benefits of regularly reviewing these 5 financial reports: accounts receivable, profit and loss by income, profit and loss by your top 10 clients, budget versus actuals, and a comparison balance sheet.
In this episode, you’ll also hear:
- Monitoring and managing cash flow
- Making informed adjustments to your business
- The value of reviewing financials on a regular basis
Must-listen moments:
[00:04:27] It helps you to assess client relationships, identify upselling opportunities, and it mitigates the risk that comes with being dependent on a small number of clients.
[00:06:34] Monthly reviews are common, so you can make timely adjustments and keep the business on track to meet your financial goals.
[00:08:26] You can review them frequently, and the frequency is dependent on what you decide and what your company needs to happen. And it can be adjusted based on your size, based on your goals, but consistent monitoring is what is going to help you make good decisions about your business.
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