Importance of Preparing Regular Financial Statements
Play episode · 29 min

In today's episode, I answer Vanessa’s question of how often she should review the financial statements of her new small business.  

What is covered in this episode:
  • A case study of a two examples of contrasting customer service from a local type shops and the impact it can
  • The importance of word of mouth  
  • The danger of only reviewing your financial figures at tax time
  • A case study how the financial statements idenfity 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
  • Key Performance indicators for your business
  • Why accounting software Xero is a great solution for your small business accounting needs
  • When to outsource your financial reporting
  • Why to avoid desktop accounting software and the benefits of cloud accounting programs
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