Working in alternative lending, I have found that most small businesses don't run month to month profit to loss statements. This is insane. If you don't know what happens month to month with your financial activity, it's like sailing without direction. Month to month profit to loss statements allow you to:
1. Determine average expenses
2. Itemize expenses
3. Determine revenue sources
4. Know what to eliminate and or to increase
5. Gives you more control of your business
How come you don't have as year to end profit to loss statement?
Good question. You are into alternative lending, I am an accountant.
Every (especially) small businesses need professional help. The Banker, the Accountant and the Lawyer.
One starts with a Business Plan.The business owner staying on top of the cash situation in a business
on a daily basis must become part of your life.
A must for survival.
It is a learning process.
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