Have you heard the word? We have reopened our books for 2024!
Are you head over heels for your figures? No? Well, it’s time to ignite that financial flame and embark on a love affair with your numbers! Picture this as your own romantic comedy—but with reports and spreadsheets instead of serenades and giddy dance numbers (…you know we love them though!).
Are you unsure of what reports to run for your business? We’re giving you the rundown on our favourites (and no, we don’t mean the chocolate box …although, we wish!).
First up, we have the profit and loss report—also known as the income statement. What is this report, you may ask? Well, this statement spills the beans on the money you’re reeling in and what you’re spending your money on. Think of this like sitting down with your financial therapist, dissecting where you’re making money, what you owe, and what you own. “Oh, you spend how much on coffee? Let’s talk about that!”
The best part? It is super easy for you to keep track, to see how you’re fairing and what you want to achieve—making that relationship a little smoother and easier to navigate. Keep track of your numbers by using a simple spreadsheet or accounting software such as Xero and tailor the categories suitable to your business’s operations.
Next, add the balance sheet and you have yourself the perfect pair—to put it simply this document analyses what your business owns and what you owe. Understanding these reports is like checking in with your relationship coach; you’re learning where the sparks are flying, where the budget needs some counselling, and keeping your assets and liabilities in check.
Falling in love with your figures isn’t just about balancing the books—by getting to know your figures, creating a budget, and tracking your spending, you are taking a positive approach and fostering a sense of satisfaction with your figures. Who knew love and numbers could be such a perfect match?
If you’ve got a burning question about crunching numbers and reports, we’ve got you–simply contact our friendly team here.