Profit and loss statement, Account Receivable, Accounts Payable and other reports that can help you get a handle on your business.
If you don't spend a lot of time doing the books, it might be helpful to know about these four reports that an accounting software will be able to produce
These reports are based on MYOB, but the same may apply for other accounting packages as well.
Here are "Top 4 Must Have Business Reports" for the new age owner.
1.Monthly - Profit and Loss Statement shows the income, costs of sales and expenditure for your business. This report lets you do some basic financial analysis such as gross profit margin, budgets and forecasts, to identify and adjust spending patterns or to find ways to increase sales.
2.Monthly - Accounts Receivable shows who owes your business money and allows you to plan an effective debt collection protocol. If you don’t keep on top of your debtors you won’t be able to meet your liability obligations.
3.Monthly - Accounts Payable shows who your business owes money to. This allows you to pay your bills on time and receive any discounts, plan your cash flow and ensure all your obligations are met.
4.Monthly - GST helps you to identify all amounts that are subject to GST. It allows you to keep track of the GST collected and paid during the period on taxable transactionsand at a glance allows you to identify the correct amount of net GST to be due for the period accurately.