Small Business & Financial Reports – What does your business need to monitor, manage and review? 5ivestar Business Services outline the top 5 Financial Reports that you need to regularly check and understand.
Profit and Loss – The Profit and Loss Statement (P&L) (Income report) is the most viewed as a business owner.
Why? Because It shows your total sales – COGS = Net Profit. To know where your business stands at a certain point in time.
Balance Sheet – This is important as it shows you the current financial position at any given date of the business. And some of the profit from your profit and loss report may be hiding here in the form of debt repayments or owners drawings.
Cash Flow Forecast – This is essential if you want to plan for the growth of your business. It will allow you to predict the performance of your business in the coming months or years and allow you to determine the answer to questions such as whether you can afford hire more staff, or buy more stock.
Aged Receivables – We have worked with so many clients, that don’t know how many clients have not paid, underpaid or overdue invoices on their books. It is important to keep up to date with your debtors.
Aged Payables – This one is probably your least favourite as it is money coming out! It shows you how much money you owe to your suppliers.
Does your business need assistance with Outsourcing your financial, business and operational services?
5ivestar Business Services is a boutique professional business services firm. We offer services including:
– Bookkeeping & BAS
-Turnaround Management | Turnaround Solutions | Turnaround Services
-CFO Services | vCFO (Virtual CFO) | Interim CFO
We offer Bookkeeping and BAS solutions virtually Australia wide!
Let’s chat about your business today https://5ivestar.com.au/contact-us
P: 07 3084 3692