Financial reports you should review monthly
Do you know the true importance of measuring your company’s results? Does financial reporting analysis really help your business grow? As an owner it is essential that you have periodic reports that teach you the economic situation of your business, this will facilitate administration, improve operations and make strategic decisions focused on the growth of your company.
Here are 3 financial reports you need to analyze to increase corporate agility, steer your finances toward savings, and make informed decisions:
Balance Sheet: This report contains valuable information; it will provide you with an accurate picture of the financial health of your company. It summarizes the assets, liabilities, and equity of shareholders at a specific point in time. It is used to identify trends, make financial decisions, and determine the solvency of your business.
Cash flow report: As the name implies, the cash flow statement shows how much cash you generated and how you used this cash. Three activities are considered in preparing this report: operational, investment and financial activities. This report shows the real movement of your money, and that is when it differs from the income statement, because, if most of your sales were made through credit, the cash flow statement will not reflect it.
KPI’s: management indicators will give you a quick and clear review of performance of your operations. The advantage of generating KPIs is that they can be implemented by departments, functions, teams and even projects, this type of reports will be a boost to make daily operations more efficient.
There are more reports that can be generated and reviewed, but analyzing these three reports mentioned above, will allow you to provide your management team with a guide for decision making. In My Accounting Now, in addition to supporting your company in the efficient management of accounting, we analyze and review the financial statements of your company, so you can make better economic decisions, increasing the possibility of obtaining greater income in the future. Monthly or quarterly, we will analyze the current risks and returns on investments. To learn more about our services schedule a free first consultation with our team by clicking HERE, calling +1 786-228-8689 or writing to info@myaccountingnow.com