Description

As a business owner, the following 3 Statements are your friend because together provide the details of business performance:

1. Monthly Balance Statement or statement of financial position
2. Monthly Income Statement (or Profit and Loss Statement)
3. Monthly Cash Flow Statement

These 3 statements need to be reviewed on a monthly basis and within a few days of the month end to ensure you can take any action needed to either capitalize on great work or to rapidly correct operations that are underperforming before they get out of control.