It is important to analyze the sales, costs and profits of business on a monthly basis. This critical analysis will aid companies in making strategic decisions that will grow their business. Businesses that wait until the end of the year to put together annual business activities will have to contend with missed expenses, lost receipts and other errors.
One simple method of tracking costs is using a separate number 10 envelope for each month to file all receipts. If time does not allow to analyze the costs, at least the receipts are not lost. One of my clients actually keeps all receipts in a monthly file folder and uses a spread sheet to total costs by the month.
For more information about our Accounting Services give us a call at 517-420-6783.