Reports may sound boring but they are actually jam packed full of juicy details about your small business!
In this short and sweet episode, I run you through the main reports you should be running as a business owner so you can be on top of your numbers. I also decipher the terminology the reports use, how frequently you should be running each one and what they will tell you.
We run through the profit and loss report (also known as a P&L or income report), cash flow report (or cash summary), aged payables, aged receivables and balance sheet.
If you’re not running these reports regularly, you’re flying blind and making decisions based on your bank balance, not on how your business is actually running. By the end of this episode, you’ll have a good idea of what each of these reports are used for and how they help you make important financial decisions (like putting up prices or saving for BAS).
It’s really important for the health of your business to keep an eye on these reports – run them regularly and get familiar with each of them. I know you’ll be feeling much more comfortable and confident after listening.
If you’re not using Xero yet, my digital shop has a training video that will help you set it up.
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