After Tax Season - Are You In Control Of Your Business?
It's after tax season, after going through your numbers, do you feel that you are in control of your business?
As this tax season comes to an end, we'd like to express to you the importance of reviewing your business financial documents monthly. It’s important to be aware of any developments early instead of on tax deadline. For this week's tips, we offer the following quick tips and a questionnaire below.
Here’s some quick accounting tips:
- Review your numbers monthly and quarterly to make informed business choices. Quarterly reviews provide you with trending information that could keep your business running or let you know of needed corrections.
- Your profitability can change widely from month-to-month, a quarterly planning review in addition to monthly reviews can reveal if you've had only one great month or if your business is able to maintain momentum.
- Watch out for red flags as they may indicate a problem, monitor closely and seek the advice of your accounting professional or adviser for strategies that may benefit your business during difficult times.
- Unprofitable clients or product lines may be reason to raise your prices or stop doing the work just isn't profitable.
- Use the best accounting system for your business. There are advantages and disadvantages to both the Accrual and Cash Accounting Systems.
- Insist on receiving your financial statements within two weeks of the end of the month as receiving the information later may diminish the value for management decision making.
We’ve attached a survey for you to take, just a simple yes or no. If you don’t feel that you are in control of your business, consider contacting our firm for a complimentary consultation to discuss the details of your operation. We offer peace of mind by providing you with customized accounting services in our Boutique Accounting Company.
Congratulations! You’ve made it through tax season.
Here’s to your success.