Do You Check the Overall Health of Your Business?
- What do you do if you had some health issues? You would get a health check-up, including CBC, CT scan, MRI, etc., right?
- Do you handle your business in the same way as your health?
Here are quick steps to manage your business’s health:
- The first and foremost thing is to prepare Profit and Loss, Balance Sheet and Cash Flow statements on monthly basis.
- The above can be done only if you are maintaining your accounts on daily/ weekly/ monthly basis depending on size of the company.
- Currently, there are several applications available in the market such as Xero, FreeAgent, Kashflow that make accounting easier.
- Once you have done accounting and reconciled bank, you can extract Balance Sheet, Profit and Loss Account, and Cash Flow using any of the above software.
- You can then analyze several ratios including Net Profit, Inventory Turnover, Current Ratio, Acid Test Ratio, Debt to Equity Ratio, etc. to determine the health of your business.
- Once you know the health of your business, you may then strategize remedial actions to achieve the desired results and make your business stronger. Also, running the business will turn out to be fun, indeed.
Happy Accounting!
Corient helps, manages the accounting department of the business houses by providing Bookkeeping, Payroll and other services on a real-time basis on various softwares including Xero, SageOne, Quickbooks, FreeAgent, Kashflow, Xero Workpapers. Our accounting services help the businesses to take the right decision and ensure their growth through accurate and timely financial data.
If you need any free consultation on how you can increase revenue by adding service lines, please feel free to get in touch with us: info@corientbs.com
Visit us at : http://www.corientbs.co.uk
Visit us at : http://www.corientbs.co.uk
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