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2 Replies Latest reply: Feb 17, 2012 12:42 AM by TaylorTax&Books RSS

Income Statement Questions...

sageworks Newbie
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How often should a small business owner  analyze their income statment?

 

When you have questions about your income statement who do you ask?

  • Re: Income Statement Questions...
    LUCKIEST Master
    Currently Being Moderated

    Two good questions Luke.

     

    A small business owner should analyze and monitor the income statement at least on a monthly basis.

     

    Who prepares your income statement?? That should be the person to ask questions to.

     

    Do you have an accountant??

     

    LUCKIEST

  • Re: Income Statement Questions...
    TaylorTax&Books Novice
    Currently Being Moderated

    You should definitely have an accountant and/or bookkeeper. This will be the go to person for information like this. If they are on top of things you should have an item like this available to you on a monthly basis so that it can be analyzed and monitored on a montly basis. Not knowing where you stand can be dangerous, without monitoring profits and losses your business can go belly up. As time (months) goes by without any knowledge you can dig yourself into a deeper hole not knowing that you were already in one.

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