HAPPY NEW YEAR!!
It is Day 1 of the new year lets start over!!
ANALYZE YOUR BUSINESS TRANSACTIONS
If you have already done financial forecasting for your business then this was done at that time. It does not matter how long you have been in business, you can still complete this process. You may have gotten off track or don’t know what the heck is going on. So lets get back to the basics.
Write down or type out all your business expenses. Write down the totals and the frequency i.e monthly, weekly quarterly, etc., Do not forget expenses that qualify for the home office deduction. Make sure you are capturing everything including payroll and contractors if you have those liabilities in your business. Once you get all your expenses down total them up so you will know your bottom line. This process may take a day it may take a week but make sure you get it done.
Analyzing your transactions will allow you to see what you are spending money on, if it is needed and what changes you need to make. You can also use this information to discuss your financial situation with your accountant and bookkeeper. If you need help visit our website at http://thepremierva.com/contact
Yes, I could have told you to use a spreadsheet or Quickbooks but NO this is the BASICS and it is meant to help you understand what is going on in your business financially. Even if you have a bookkeeper and/or accountant.
I know you can do this so lets Go!