As a business owner do you know what your bottom line is every month of the year? You should!
In many small businesses, the bookkeeping and attention to financial matters takes place at the end of the business day, or tomorrow, or next week or next month. This is a very important part of owning and operating a business that many times is not given the attention it deserves.
By hiring a CPA firm to consult with you regarding your monthly financial statements you can have peace of mind that the statements that you provide to your lenders, suppliers, government agencies and others with an interest in your business, will be accurate and up to date.
All business owners have financial budgets and goals for the fiscal year. If your actual results are only analyzed at the end of the year it is impossible to plan for the financial outcome and tax liabilities. By hiring your local CPA to regularly assess the actual results of your business throughout the year you are able to reach your goals or modify your approach to react to unforeseen variances to your bottom line.
Additionally, have you ever made an error while entering your financial data? We all have. The independent CPA can inform you of things like fixed assets and depreciation that may be incorrectly recorded. It is very easy to overlook recording of items that are automatically withdrawn from your bank account such as loan payments and other debt service. A second set of eyes is always a good thing!
Finally, and this is the best part, by having your financials analyzed on a monthly basis, you only need to be concerned with the final month at year end! Your CPA is going to look over all of these reports, anyway, if you bring your financial statements to them at year end. So why not have them evaluated monthly and gain all of the satisfaction of being on top of your business throughout the entire year instead of just one month out of the year!
Call today to be in control of your business!