Best QuickBooks Consulting & Training in Wichita, KS

A Business Owner's Monthly Checklist: Ensuring Accurate Financial Records for Smart Decision Making 📊 Every business owner wants to make informed decisions. But for that, you need accurate and insightful financial data at your fingertips. Here's what to review monthly: Profit and Loss (P&L) Statement: Check it monthly, displaying at least the last three months for comparative insight. Spotting outliers becomes easier when you observe month-on-month variations. Balance Sheet: Just like the P&L, maintain a three-month perspective. Though it might seem technical, it's crucial to grasp the book value of your business and to spot potential discrepancies. Cash Flow Statement: Essential especially if you're on an accrual accounting basis. While this method provides a comprehensive view of business health by matching revenues with relevant expenses, a cash flow statement offers a transparent view of your financial liquidity. Bonus Tip: Having a seasoned accountant review these statements with you monthly can be invaluable. They can pinpoint areas of focus, provide clarity, and answer pressing questions, ensuring you're always equipped to steer your business effectively. Stay informed, stay ahead, and drive your business with confidence! #Business Finance #Monthly Review...