Do you look at your financial reports with bewilderment, frustrated that you’re not getting information that is useful for you to manage your business?
The answer may just be that your accounting system has been set up to make it easy for your accountant to produce financial statements, not for the easy production of management reports.
Management financial reports are fundamental to success in business.
If financial reports are set up to provide you with the information you want and need to be looking at, they are a fountain of information and insights into what’s happening in your business: the good, the bad and the downright ugly.
Does your profit and loss statement show just a couple of lines for income and then the expenses listed alphabetically from A to Z? If the answer is yes, it’s time to shake up your reporting.
Think about the different income streams you have in your business,...