October 31, 2014
If Only There Was Fitness Tech for Your Business. But Wait—There IS.
These days, we’re tracking everything from our steps taken to our sleep patterns thanks to a proliferating number of wristband devices like the FitBit, Jawbone UP24, and Life Tracker 1. New technologies for monitoring our day-to-day health are making it simpler and easier to catalog and retrieve voluminous amounts of data so that we can better understand how our bodies run and make adjustments to improve our fitness. So the question is: Are you doing this for your business?
If you’re keeping track of income and expenses, you may be doing just enough to avoid financial disaster. But it’s nearly impossible for a business to thrive without the additional data required to make more strategic decisions.
By collecting, monitoring and analyzing our personal health data, we can identify opportunities for improvement and track our progress in a continuous feedback loop. Affordable bookkeeping software and processes work much the same way for a business, helping to automate what would otherwise be a tedious task so we can access timely data on business profitability.
An accountant or financial advisor can not only set up this software but also establish a streamlined process that makes it work for your business. This process includes effective recordkeeping for all expense and income types, properly entering this information into the bookkeeping software, and lastly, generating financial reports. Business owners that attempt to DIY the first two steps often get so bogged down they never get to the last one. This can be a costly mistake.
With up-to-date information in your bookkeeping system, you can track account balances and create sophisticated financial reports, putting vital financial information in easy reach. Everything from profit/loss statements and cash-flow projections help you detect patterns to different aspects of your business’s financial health. You can evaluate whether your goods or services are priced competitively, determine if certain expenses should be cut back or outsourced, and identify profitable revenue lines to pursue further.
In essence, professionally managed statements can help you make data-based decisions for your company more regularly and reliably, taking operations from good to great. The best part is, a good financial advisor that sets up the reporting system for your business can also give you valuable guidance on how to transform data into real-world decisions.
If you’re interested in identifying key numbers, tracking changes and reading trends to reveal tremendous insights on your company’s financial fitness, Talley & Company and its affiliate Group 11 Advisors can help guide you through the essential steps. Schedule a consultation with us to learn more.