Podcast

The Importance Of Preparing Regular Financial Statements

Episode 16

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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!

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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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