Cash Flow Statement Preparation – A Critical Business Asset
It’s time to treat it as such!
This is especially true when the economy takes a turn for the worst as it has in recent years. In tough economic times, you can’t depend on any third-part providers to give you the cash you need to operate on a daily basis. Getting the cash is one thing, ensuring an efficient cash flow process requires cash flow statement preparation to be dominant.
What Are Cash Flow Statement Preparation and Why Are They Important for Businesses?
Throughout the years we’ve been in the accounting industry, we’ve had to come to learn that many businesses neglect the simple task of conducting a cash flow analysis. Doing so could easily unlock the vault of money as you discover where unnecessary costs are occurring.
A cash flow analysis is a document that can consist of one page or several pages which are used to contribute to a larger document that covers the cash flow of the business overall. It shows how much money is being spent, where the money is being spent, how much money comes in, and where the revenues are generated from. Think of it as your forms of business intelligence.
How Has Improper Cash Flow Statement Preparation Led Many Businesses to Their Demise?
The truth is that unless you truly understand your cash flow, you’ll never know what needs to be improved or what costs can be cut without sacrificing the productivity and efficiency of your company. Many businesses have had to close their doors due to the fact that they were unable to pinpoint every financial aspect of their business.
Over time the expenses would begin to add up and eventually their revenues weren’t enough to cover the bills. Had they embraced a cash flow analysis, they would have been able to spot the problems ahead of time while increasing their sales accordingly. After all, this is what tells you exactly how much it takes your business to operate and the assets that it has built.
Did You Know that GLG Accounting Broke the Barriers in Cash Flow Analysis?
We knew that a changed had to be made within the industry to help break this barrier that set a lot of entrepreneurs and businesses back over the years. We’re proud that we’ve built a team of CPAs who understand the role that technology plays in accounting as well as what they need to do in order to provide the most simplistic solutions ever offered before.
We embraced the most advanced cloud accounting software (none other than Xero) and a set of proprietary processes that are constantly refined to ensure their effectiveness. Then we brought the world one of the most comprehensive business accounting resources to make sure we reached not only the ones who understand the importance of cash flow statement preparation, but those that was unreached as well.
This mindset is what takes our firm to new heights each and every day.
Bottom Line –When You Track Your Numbers, They’re Sure To Increase
If you hold yourself and your employees accountable, they’ll be able to comprehend just how important it is to increase your profits. You have to track the numbers constantly in order to do this the right way, but doing so will show you clearly what kind of health your business is really in.
Proper tracking and processes will ensure that you do nothing but what it takes to bring your profits up, if not setting records previously set by your company in the past. We want to see you on the next episode of CNN, not “business rescue.”
If you’re ready to stop procrastinating and get a cash flow statement preparation today!
Then you’re definitely in the right place since we are a leading accounting firm that embraces modern technology and refined processes. GLG Accounting has set themselves apart from competing firms with this level of advancement and the continued breakthroughs we’re able to contribute to.
In order to help get you and your business on the right track…