The financial plan of most business owners goes as far as purchasing QuickBooks and once a year completing their tax return. If they are more prudent they might look at the financial reports developed in QuickBooks monthly. While this is better than nothing, business owners can do a lot more in improving their financial position by investing in better financial systems. For instance what controls do you have in place to ensure the information in QuickBooks is accurate.
Just like anything else, if you put garbage in, you get garbage out. Moreover what about the structure of your financial accounts, are they capturing Buy Email List the information you need. When you look at your financial reports, do you have answers to the most critical factors affecting your business? All of these questions are addressed in the way your financial system is designed.
Investing in having a professional design the system is worth the headache you will save down the road. Moreover, be careful not to commingle funds and keep your financial records as clean as possible. Good financial records are worth a lot when selling your business.