What are the key reports to focus on in your business? We'll show you how to track performance, take action and prepare your company for surviving the new business normal. #KnowYourNumbers
As a business owner, it’s always been helpful to have an understanding of accounting – but in the post-lockdown world, it’s never been more important to have a good grasp on your finances.
With the business world irreparably changed by the impact of coronavirus, your business is facing a ‘new normal’. Priorities have changed, customer behaviours have mutated and revenue streams have had to evolve and pivot in order to create a viable post-lockdown business model.
To track, monitor and drive your financial performance in this new business world, it’s increasingly important to have a handle on your key financial reports and metrics.
Getting to grips with your financial reports
Whereas in the past, extra cash in the business may have been seen as a surplus that needed to be spent on something, COVID-19 has shown us that having these reserves is vitally important for the survival and long-term health of businesses.
To truly be in control of this cash, it’s vital that you can dip into your accounts, financial reports and dashboards and ‘see the genuine story’ behind your financial position.
So, what are the key reports to focus on? Let’s take a look:
Talk to us about accounting and financial reporting for your business
We’ll run you through the key reports in your accounting software, and can help you track performance, take action and prepare your company for surviving the new business normal.
Content originally published by BOMA. We have updated some of this article for our readers