Your Profit and Loss and Balance Sheet statements, together with your budget analysis, should not just be prepared in time to satisfy your compliance reporting – ie. when you have to lodge your BAS, Superannuation, GST or Annual Accounts. It is important to know how you are performing, identify and measure your key metrics and analyse your outcomes regularly so you can take action early. Too many businesses fail because of cash flow neglect, so don’t become a statistic and let us help to keep you on track.
Your balance sheet can help you understand how much your business owns and owes at any point in time. This states your assets (such as the bank account, inventory, petty cash, trade debtors, furniture and computer equipment), your liabilities (such as credit cards, trade creditors, wages, GST, superannuation and loans) and the owner’s equity (what you have invested in your business and your withdrawals).