Raise your hand if you feel like you’re living through the holiday chaos right now. (While I can’t see your raised hand, I can certainly feel it.)
Which only makes sense: You have to pay attention to a lot of details as a business owner, all while handling an atypical volume of sales. Stress and mistakes are inevitable.
Not to mention all of the end-of-year doings that you have to wrap up, which may be my cue to emphasize making time for bookkeeping.
And as you wrap up 2024 and start looking at 2025, something you should be examining is how you made financial decisions this year. Did you set aside time to review your actual financial reports?
OR… Were you the “bank balance bookkeeping” sort? You know what I mean: checking your Southeastern Wisconsin business’s bank account daily to determine your business’s financial health.
If you’re the latter, this is something we should talk about changing for 2025.
414-325-2040
Schedule that appointment, and read on.
7 Finance Reports Crucial to Your Milwaukee Business’s Success
“A lie has speed, but truth has endurance.” – Edgar J. Mohn
Let’s talk about something I’ve seen trip up too many business owners: the tendency to avoid “looking under the hood” of their financials. And sometimes, their accountants or financial partners enable this by keeping them in the dark.
I’m here to make sure that’s not you.
In fact, I’ve made it my mission to go overboard when it comes to giving my clients the insights they need to make informed, confident decisions about their businesses. That’s what I want for you too—whether you’re already working with us or not.
So, let’s get specific. I want to highlight a few key finance reports and metrics hiding in your accounting software that can transform how you see your business. These reports often get neglected but understanding them can help you avoid costly mistakes and seize new opportunities. Let’s make sure you’re not leaving valuable insights on the table.
Finance Report #1 – Cash Flow Statements
If you’ve ever wondered why your bank account balance doesn’t match your profits, this report is your answer. While P&L reports show earnings and balance sheets highlight assets and liabilities, your cash flow statement reveals exactly where your cash is coming from and going.
Finance Report #2 – Profit & Loss Summary – Current and compared to past years
Instead of only looking at your Profit & Loss (P&L) reports for this year, compare them to last year. Seeing year-over-year trends can tell you whether your revenue is growing, stagnating, or shrinking—and just how fast your expenses are climbing. This will help with setting realistic goals in 2025.
Finance Report #3 – Balance Sheet – Current and compared to past years
Your balance sheet is the financial pulse check for your business. Comparing balances like cash, accounts receivable, and accounts payable to last year can reveal whether your financial position is improving or heading for trouble.
Finance Report #4 – Collections Report
In tricky economic times, keeping an eye on overdue invoices is imperative. Accounting platforms like QuickBooks make it simple to generate a collections report and follow up with customers who owe you money. Your cash flow depends on it.
Finance Report #5 – Accounts Payable (A/P) Aging Summary
While chasing down payments is vital, don’t neglect the flip side: paying your vendors on time. Falling behind can lead to strained relationships and disruptive interruptions. Use this report to stay on top of what you owe and avoid unnecessary headaches.
Finance Report #6 – Voided/Deleted Transactions Summary
Small businesses are often more vulnerable to fraud because employees wear multiple hats, making it harder to separate financial duties. This report helps you spot any transactions that have been deleted from your books. While it’s not a foolproof solution, it’s a solid tool for detecting suspicious activity and holding your team accountable.
Finance Report #7 – Transaction History
This is like your audit trail. For any specific transaction, this report shows the who, what, when, and where of every edit or update. It’s a report you won’t need every day, but when you do, it’s worth its weight in gold.
As we start 2025, now is the perfect time to evaluate the financial health of your Southeastern Wisconsin and set a strong foundation for the year ahead. These reports can guide you in identifying opportunities and addressing potential issues before they become larger problems.
These are reports we prep for all of our clients and use in planning for the upcoming business year. If you want to get that kind of analysis, let’s get something scheduled:
414-325-2040
The numbers are already there, waiting for you. Let’s make sure you’re looking at the right ones.
Helping you make informed financial choices,
Jon Neal