Podcast

The Importance Of Preparing Regular Financial Statements

Episode 16

About The Show

Many business owners look at preparing financial statements as something you have to do at tax time to satisfy government regulation.

This couldn’t be further from the truth and in fact, the businesses that adopt this approach of only looking at their financial statements once a year are missing out on a huge amount of opportunity and also playing with fire.

Financial statements are like the Dashboard and GPS in your car.

Properly prepared, regular financial statements can tell you exactly what’s going on in your business and give you constructive information about the road ahead for your business.

In this episode, we answer a listener’s questions about the importance of preparing regular financial statements in your business and the benefits and difference it can make to your business potential.

What You'll Learn!

Why preparing regular, accurate financial statements in your business is critical
The danger of only reviewing your financial figures once a year at tax time
A case study on how the financial statements identify theft within the business from a new employee
Why it is important to prepare your financial statements at least monthly
How regular financial statements can help you be more strategic in your business
The importance of Key Performance Indicators in your business and how they can drastically improve your results.
Why accounting software Xero is a great solution for your small business accounting needs
When to outsource your financial reporting to a professional.
Why avoid desktop accounting software and the benefits of cloud accounting programs and applications.

Links Mentioned

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Full Episode Transcript

CHEAT SHEET!

Cashflow is critical to success in business. You can have the best business idea ever, but if you can’t generate cash and pay the bills you won’t survive.

Grab my 12 simple ways to boost your cashflow cheatsheet!

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About Your Host

Jason Skinner

Jason has been helping business owners to grow and maximise their profits and business performance for over 20 years. He takes the complicated out of business and will show you in a practical easy step by step approach, how you can take your business goals and dreams and turn them into reality without the stress and uncertainty. As a qualified CPA Accountant and Business Coach, he can help you with everything from reading and understanding the critical numbers in your business through to identifying and driving the critical activities that get the desired results you are seeking in your business fast. Jason started The Business Made Easy Podcast out of his passion for helping business owners to realise their dreams and make business success a reality. Each week he shares practical, actionable tips you can implement to take your business to the next level.