We can prepare and provide you with compiled financial statements. Although our firm does not provide reviewed or audited financial statements we can assist you in preparing for such financial statements that can be provided by outside firms.
More importantly, we can help you use these statements, as well as other reports, to better manage your business and increase your profitability.
Good financial records are necessary for several reasons:
Prepare financial reports monthly. For year-to-date comparisons, and to make quick management decisions, financial reports must be done monthly. "As goes the month, so goes the year." You can compare the sales, gross profit, and net profit at, say, the end of May, with prior years and get a good idea of how the current year will finish. You can compare the total accounts receivable or payables with prior years to spot problems and then quickly take corrective action. We can assist you in the set-up and implementation of a computerized accounting system through QuickBooks software.
Here are some common business ratios you should monitor on a month-by-month and a year-by-year basis:
Understanding financial statements can increase business profits. If you would like to learn more about using financial statements to make sound business decisions, we would be happy to assist you. No one was born understanding financial information, but it is easier to learn than most people think.
Please ask as many questions as you like; we will help you until you are comfortable with business numbers and can use yours to increase your profitability.