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Month End Close: Key Reasons for Financial Statement Analysis

Wouldn’t you like to know how healthy your business actually is? For small business owners, this information is more important than ever before. What if we told you that there is a tested process of uncovering the secrets about your business that has been passed on through generations and generations of accountants?!

Financial statement analysis is one of the best ways to accurately gauge the health and status of your business. In this post, we will discuss some of the benefits of using financial statement analysis in your small business.

Topics: Accounting Growing Your Business Financial Reporting Accounting procedures Advice

5 Critical Issues with Keeping Your Books on Spreadsheets

Accurate financial records are a key component in running a successful business. It is imperative for business owners and managers to ensure that transactions are properly recorded, and that data can be retrieved for audit and analysis at a moment's notice.

Topics: Accounting Accounting procedures Business Advice Bookkeeping

How Do You Know Your Invoices Are Getting Paid the Right Way?

Keeping track of your business's financial data is a critical element of the accounting strategy. Tracking the financial data provides you with insights on your revenue stream as well as future cash flow. An organization that doesn't track its financial data is at risk of lagging on payment deadlines. This could lead to damaged relationships with vendors and creditors.

Topics: Accounting Accounting Methodology Accounting procedures Collection practices

10 Ways To Improve Your Cash Flow Position

Running a business means you are in charge of every aspect of the business. Your responsibility to your business financial health is what keeps you afloat to service your clients needs. In order to achieve a healthy financial perspective, it is important to know where your cash lies within your business.

Topics: Accounting Cash Flow Management Accounting procedures

Why Record Keeping Is So Important

 

A company’s financial statements tell the story of a business. The income statement will provide you a story of the present-day state of affairs.

While the balance sheet provides you with a historical picture of the assets, liabilities, and equity over the lifespan of the business.  Record keeping plays a significant role in providing the supporting details to paint the full picture of the story.

Topics: Accounting procedures Advice Bookkeeping