A new week and new month is upon us! Let’s start strong by making sure we are doing the housekeeping tasks required to keep our company on point. Even just one hour of work at the start of each month can help build the foundation of success going forward. Check out the website for more content www.bcbousa.com
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Full Recap:
Today’s episode is a recap of the holiday weekend and we speak again about the importance of spending time looking over your company finances. It is the start of a new month, and with a new month comes new responsibilities!
Depending on the size of your business, the new month can entail several tasks that need to be completed. Regardless of the size of your business, make sure you set aside the time at the start of each month to handle these few basic duties:
- Reconciliation of all bank accounts, credit card accounts, etc.
- Review prior month sales, expenses, transactions detail reports
- Review prior month P&L
- Review AR and AP for the upcoming month
- Payroll taxes
Spending even an hour at the start of each month reviewing these basic tasks can help lay the foundation for success moving forward. As a business owner you are developing good business habits, and keeping yourself informed to make better decisions moving forward.