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

    Income Statement Questions...

    sageworks Wayfarer

      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 Guide

          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 Adventurer

            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.