Many small businesses have Bookkeepers. It an essential for most small business to enable the small business owner to have time to work on the business. So unless you have plenty of spare time & love ‘keeping the books’ yourself it’s a task we recommend you outsource to a qualified & experienced bookkeeper as soon as possible.
For most small business owners, once you have a competent bookkeeper the next step to getting the most out of your bookkeeping function comes down to Reports. How they are presented, whether you can read or understand them & most importantly the regularity of them is crucial to the decision making & therefore growth of your business.
A useful business report answer 3 key questions –
1. Identifies WHERE there are differences to expectations,
2. Understand WHY the difference arose – permanent, typo or timing anomaly
3. Indicates WHAT needs to be done
If your reports can’t help you with the Where, Why & What above then how can you fix it?
We recommend having reports designed for your specific business that take into account –
A. FUNCTION – think about what areas & info are most important for your business.
B. LAYOUT – how can you best express your business operations.
C. FEATURES – What summaries, comparisons & % can you add to make the report more relevant?
D. LOOK – Make it look appealing, ditch the Times New Roman font as if its ugly you’ll never want to look at it anyway.
Need help designing reports in your accounting software? Goad Accountants are small business specialists & MYOB & Xero trained advisers. We can design reports that you will help you make improved business decisions to benefit your business. Contact us on (07) 3849 3816 or hello@goadaccountants.com.au.
