Knowing where you are and where you are going means the difference between getting there safely and ending up in the ditch. Do you only have five minutes to consider the numbers? No problem. Here are the three things to look at: 1. Revenue 2. Gross Profit 3. Net Income
Veteran Owl bookkeeper Shirley gives us the inside scoop: a bookkeeper handles all the inflows and outflows of cash. That means bookkeeping services should include day-to-day cash flow management, accounts payable, accounts receivable, collections, payroll, and bank reconciliation. As Shirley says, “If it involves money, I take it off the client’s plate.”
You should always be aware of these three figures. If you are not, partner with someone who will make you aware of them. If you have a bit more time, add current assets and liabilities to your list of considerations. The best way to examine these two is with an updated balance sheet. If your finance people are not producing these yet, now is the time to start.
DO YOU NEED A BOOKKEEPER FOR YOUR BUSINESS?
(612) 816-6007
OWL BOOKKEEPING AND CFO SERVICES HELPS WITH:
Financial Statements -Cash Flow Forecasting -Key Business Performance Indicators (KPIs) -Budget Implementation And Oversight -Financial Insights -Employee Termination Counseling