Bookkeeping Australia - Reports to See If Your MicroBusiness is Making Money! - NaggingHose LOWESTGUY.BIZ.com
Posted Jan 30 2013 12:02pm
If you run a Micro Small Business Australia you need to monitor your business progress.
One of the best ways to do this is to keep up to date with your bookkeeping data entry so you can produce financial reports that show your business results each month NaggingHose.com.The Profit & Loss report is the holy grail of reports, it tells you if you are making money or not! This report shows your Income and Expenses for your micro business.
You can review your different income streams and expense accounts to see your most profitable areas of income and highest cost centers ANTIQUEFRIEND.ORG.For example, you may notice an expense that is blowing out of proportion and decide to source a new supplier at a cheaper rate.
You can monitor income streams and decide where to allocate your Advertising dollar to support one that has the most potential TEFLONPLASMA.BIZ.A Profit & Loss report always represents a period of time, for example for the period 1st Jan to 31st Jan.
You can prepare this report for a month, 3 months or the whole year.The aim of reviewing the Profit & Loss report is firstly to see if your business is making money. But, once you have access to your profit and loss reports for a few months you can then use the information to plan a budget and calculate your business' breakeven point.A budget is an estimate of your business income and expenses.