In this competitive environment, solid financial information is critical for success.

Were sales up or down?

If sales were up, you'll need cash to buy more inventory. If sales were down, you'll want to pull back on inventory purchases. Sales increases in a specific product can mean a new growth opportunity. Sales decreases need to be evaluated to determine the reason and steps for correction.

What was the total gross profit last month?

Gross profit is the profit after subtracting cost of goods sold. Changes in gross profit indicate whether pricing strategies are working. Cutting prices to increase sales may not be smart if it results in a loss on the product.

What is the gross profit for each product?

Selling prices should be based on realistic profit goals not estimates. Raising prices on some products and selling other products near or below cost can increase gross profits overall. It may be wise to offer sales incentives to push the most profitable products.

What were expenses by category?

Are payroll costs too high? What about insurance and utilities? In order to cut back, first know which expense items are out of line. Recording monthly expenses in detail allows you to get the maximum tax deductions and cost/benefit analyses of advertising, marketing, travel, etc.

Who owes me money and how much?

You can't expect to get paid in full unless you tell customers exactly what they owe. An itemized, printed, timely monthly statement tells your customers that you expect to be paid on time according to your payment terms.

Who's behind in payments and by how much?

Customers who fall behind need to be contacted immediately and often so that it doesn't become a larger problem. Also, before you approve a new order from a customer, you'll want to know if that customer paid on time for the last order.

How much inventory do I have?

If you're running low on an item, you can order in advance and avoid rush order delivery charges. If you have too much inventory, you can cut back on inventory costs and improve cash flow. Regular physical inventories will identify a shortage before it becomes a problem.

To whom do I owe money and how much?

Many vendors offer discounts for paying bills in less than 30 days, which can result in big savings on an annual basis. Paying bills on time increases your chances of qualifying for business credit and assists in planning your cash flow.

What was my profit last month?

A monthly income statement and analysis gives you the bottom line, and lets you know where the business has been and is heading.

How much do I own and how much do I owe?

Keeping track of your assets and liabilities on a balance sheet allows you to plan for your cash needs and stay current with loan agreements. In addition, you'll be able to immediately and accurately respond to customers, vendors, and potential lenders.

Call 518-588-9104 for a free consultation - absolutely no obligation!




					In this competitive environment, solid financial information is critical for success. Were sales up or down? If sales were up, you'll need cash to buy more inventory. If sales were down, you'll want to pull back on inventory purchases. Sales increases in a specific product can mean a new growth opportunity. Sales decreases need to be evaluated to determine the reason and steps for correction. What was the total gross profit last month? Gross profit is the profit after subtracting cost of goods sold. Changes in gross profit indicate whether pricing strategies are working. Cutting prices to increase sales may not be smart if it results in a loss on the product. What is the gross profit for each product? Selling prices should be based on realistic profit goals not estimates. Raising prices on some products and selling other products near or below cost can increase gross profits overall. It may be wise to offer sales incentives to push the most profitable products. What were expenses by category? Are payroll costs too high? What about insurance and utilities? In order to cut back, first know which expense items are out of line. Recording monthly expenses in detail allows you to get the maximum tax deductions and cost/benefit analyses of advertising, marketing, travel, etc. Who owes me money and how much? You can't expect to get paid in full unless you tell customers exactly what they owe. An itemized, printed, timely monthly statement tells your customers that you expect to be paid on time according to your payment terms. Who's behind in payments and by how much? Customers who fall behind need to be contacted immediately and often so that it doesn't become a larger problem. Also, before you approve a new order from a customer, you'll want to know if that customer paid on time for the last order. How much inventory do I have? If you're running low on an item, you can order in advance and avoid rush order delivery charges. If you have too much inventory, you can cut back on inventory costs and improve cash flow. Regular physical inventories will identify a shortage before it becomes a problem. To whom do I owe money and how much? Many vendors offer discounts for paying bills in less than 30 days, which can result in big savings on an annual basis. Paying bills on time increases your chances of qualifying for business credit and assists in planning your cash flow. What was my profit last month? A monthly income statement and analysis gives you the bottom line, and lets you know where the business has been and is heading. How much do I own and how much do I owe? Keeping track of your assets and liabilities on a balance sheet allows you to plan for your cash needs and stay current with loan agreements. In addition, you'll be able to immediately and accurately respond to customers, vendors, and potential lenders. Call 518-588-9104 for a free consultation - absolutely no obligation!