This blog post has been authored by Jasmine Ingram Thompson, Stellar Consulting & Bookkeeping
Understanding the health of your business, begins with your understanding of your transactions and how often that data is analyzed in your accounting system.
Often times entrepreneurs are reluctant to admit that they do not fully take advantage of their monthly financial reporting benefits, because they are more focused with their year-end gross profits and net income for taxes.
But did you know that reconciling your books and reviewing your Profit + Loss statement on a monthly basis can:
✅ Help you understand how much income your business is actually making.
✅ Help you track your business expenses, and see how they directly impact your monthly profit.
✅ Help you manage your cost of goods, to remain cost efficient and save money.
✅ Help save you countless hours in searching for bookkeeping errors that lead to missed tax deductions at the end of the year.
So I am encouraging you to embrace your numbers, start building that relationship with your books and stop avoiding them! Knowledge is power, and there is power in knowing what your books are actually teaching you about your business.
I am an Intuit Certified Advanced Quickbooks Pro Advisor that provides Entrepreneurs and Small Business owners with insight to help them better understand and grow their business!
Using bookkeeping, cloud accounting, workflow automation tools and technology.