Steps to Financial Success

We have a house down the street with a sign that says “Coming Soon”. The sign has been there for months. The yard is a disaster and keeps getting worse. What if they didn’t mow the yard all summer? You couldn’t use just any lawn mower to handle it. You would need special equipment. The neighbors have already complained about snakes and other critters, so it could be dangerous. I am sure after mowing, everything would look dead. What if you never maintained your financials? What would happen? Not only would you not know how you are doing as a business, it would be quite challenging and expensive to clean up.

There has to be a better way to handle your financials. I know some smaller companies tend to clean up their financials mainly for taxes. This is a mistake because you can file an extension and not even know the results of your 2015 financials until October 2016. What good is that?

If you mow and edge your lawn each week in the summer, it is quick and your yard looks very nice. This is the same with your financials. Depending on the size of your organization and industry, there are finance and accounting tasks that need to be completed each week, month, quarter, or year. I have 5 reasons that you want maintain your financials:

  1. It will save you time and money in the long run.
  2. You can run your business or nonprofit with better information.
  3. Businesses and nonprofits that know their numbers are more successful and profitable.
  4. You can sleep better at night with less stress.
  5. Consistency leads to better reporting and trend analysis.

In my more than 15 years helping companies with accounting and finance, I have developed a Finance and Accounting Checklist. If you are a business owner, work at a non-profit such as a church, or work closely with these organizations the below checklist will be helpful.

Download by clicking on image below:
finance and accounting checklist

 

Maintenance is better than cleaning up. It will save you time and money, you will have better and more consistent financials, and you can sleep better with less stress.

 

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