Profit from Your Financial Statements

Your annual business forecast and projected cash flow statement, broken down by month based upon your company's historical data, is the foundation each year for the navigational course you believe your company will take for the coming year. Your balance sheet and income statement, more commonly known as the profit and loss statement (P&L), prepared monthly and compared against the actual previous year's performance, is what keeps you on that predetermined course or shows you that a course correction is called for.

These documents should be at your fingertips at all times. If your accounting system is not capable of giving you these reports quickly, I seriously suggest you fire your accountant! With the ...

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