Take Action Now to Improve Your Business’ Financial Health

It is magnificent to take action to improve the financial health of your business. Everyone has heard stories about celebrities, athletes or trust fund babies who have lost millions of dollars due to their inability to have a clear understanding of their financial condition. This also happens in the business context. I have often been amazed at how many of my business clients have no idea what is the financial condition of their businesses. I ask them for sales figures or about their receivables and payables aging and I am given blank stares in response. Often information that should be readily available to entrepreneurs is unknown. What is even worse is the fact that many e entrepreneurs do not have the ability to quickly get the information into their hands when needed. The basic information I am referring to is information such as:

* current income
* expenses
* cash flow
* accounts receivable
* accounts payable
* taxes due to local, state and federal authorities

 

photo credit: World Bank Photo Collection via photopin cc
photo credit: World Bank Photo Collection via photopin cc

Many entrepreneurs rely upon a bookkeeping service or an accountant to keep their financial records in order.

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