By Brian E. Ravencraft, CPA, CGMA, Partner at Holbrook & Manter, CPAs
Good financial practices are key to the success of your business, but too many businesses fail to implement them. Most business owners know that poor financial management is a major cause of poor business performance and growth, but still fail to carry out the financial tasks that are necessary to keep things running smoothly and successfully. Here are some ways to help implement these practices.
Begin by creating a month end close process with your accountant. This is done to prevent lost revenue, poor tax planning and missed financial opportunities. Beware: waiting until the end of the year to close out everything is often an overwhelming process. Trying to evaluate an entire year’s worth of transactions is a tedious process and often it is too late to do anything about any events that happened earlier in the year.
Try these tips for a streamlined month end close:
• Create a detailed closing schedule.… Continue readingRead More »