Reporting and Documentation

Good reporting is critical in order to manage and display your business data; it must be timely and accurate.

Monthly reports need to be thoroughly analyzed with assertive corrective actions taken when required.

Business projections need constant updating.

Accounts receivable need to be assertively pursued.

Data from QuickBooks or other financial management systems need to be accurate, detailed, and up-to-date.

Ordinary monthly financial statements need to be delivered, like a Balance Sheet, Profit/Loss (Income) Statement, and Cash Flow Report.

Financial systems need to be integrated as much as possible (billable hours, purchase orders, inventory, and the like).

Read up on Accounting101 and/or hire a bookkeeper with the requisite skills.

Being disorganized or having poor documentation and filing procedures can cause tremendous problems for any business. Most businesses are not totally optimized in this regard; therefore, you can gain yet another profitable strategic advantage over your competitors through good organizational documentation and reporting.

Next Section >