You know the value of receiving monthly financial statements, and you're putting in the time and resources it takes. However, once they're in your hands, you're not sure what to do with them. Therefore, have the experts at CSI Accounting & Payroll help you analyze your statements to get the best plan of action for your business.
One of our main goals in our accounting department is to use the monthly financial statements we create to offer profitability advice. Have you ever wondered what kind of advice you could be receiving? Here are some of the topics that are most frequently brought up in our meetings.
Common Advice Topics
Our accountants use your monthly financial statements to advise you on tax planning. One of our main goals in our accounting department is to help our clients know what their tax season will look like several months ahead of time. This is especially useful if a client knows they will be unable to provide all of their information on time (and therefore would need an extension). Extensions do not push back the date that actual money is due, just the paperwork.
By the way, you can consult our Small Business Accounting Kit below for tax preparation help. Many aspects of this kit are great to use year-round!
Investing for Tax Cuts
Do you want tax cuts? If so, you need to be willing to invest your money. Investing could mean anything along the lines of putting your money into retirement plans, expanding your business, or purchasing some new equipment for your company.
A profit & loss statement is a very basic - but very essential - financial statement. This is key to laying out all of your spending areas and shows if you're spending too much in one area or not enough in another. Keep in mind that investing money in one area can prevent related expenses in another area as well!
Most of the time, business owners keep their expenses low. However, some have trouble grasping the concept mentioned above: spending money in one area to save in another. The surefire way to make more money is to grow your sales, but this will require investing in the right people, setting the right goals for them, and providing them with the right resources.
If you don't have any business goals, you may need to reflect on your financial statements to find areas in which you can improve. For the business owners who do have goals, an accountant can give you the advice to get you there. For example, if you want to sell your business in the future, an accountant would tell you that you need your best three years leading up to the sale because you need to provide a standard three years of records.
Want to learn more?
We barely scratched the surface with advice topics - our employees in other areas can offer advice as well! Whether it be tips on how to save on payroll fees or tips on improving customer and employee satisfaction, we've done it all. CSI Accounting & Payroll can guide your finances on a monthly basis through the use of your financial statements. This can help you with profitability, planning, goals, and more!
Did we convince you yet? Click the button below for a free consultation to see if we're a good fit for each other.