Whatever the process we use to decide to approach the order of business priorities, as we progress, we need to measure how we are doing. In addition to customer satisfaction, measuring the company’s financial performance is critical.
A properly designed and maintained financial statement is a direct reflection of your business. If you know what to look for, you can see problems and their causes represented on your financial statement. A frequent check of the financial statement performance will tell you if you are still on plan or if you need to make adjustments.
SilverWingz has found there are typically three areas of discussion when it comes to Financial Reporting.
- Setting Up your Financial Reporting and Financial Statements
- Financial Planning
- Performance Monitoring and Adjustments
An accurate, timely financial statement is a business owners best report card. If you are not creating an income statement and balance sheet at least monthly, you are putting your business at risk.
DISCLAIMER: SilverWingz‘s expertise is business and process improvement. SilverWingz‘s recommendations are made to assist your business results and not as an accounting or tax authority. In all cases review SilverWingz‘s recommendations with your tax, accounting, legal, or other appropriate representative prior to implementing a change. SilverWingz cannot guarantee results and will not accept any liability for items beyond our direct control.