Are you a small business owner and the financial information you work with is always historical and outdated?
Do you compare your financial results to your historical statements?
This is commonplace for small businesses but makes it difficult to effectively manage your business and reach your goals. Here are a few priorities to improve financial reporting in 2015;
–Improve your reporting processes for an efficient and fast monthly close. Review your processes and look for areas to close your books faster.
–Implement a rolling financial statement forecast. Understand where your business and cash is going. Keep your forecast up to date and relevant by implementing a rolling 13 week forecast.
–Perform industry benchmarking and develop Key Performance Indicators (KPI’s) for your business. Understand how you compare to your industry and competitors. By developing and tracking KPIs you can better understand and manage your business.