Why Every Entrepreneur SHOULD Read Their Income Statement

Key Takeaways:

1. Monthly Book Reviews: Allocate time monthly to review financial statements including balance sheets, income statements, and statements of cash flows to understand your business’s profitability.
2. Quarterly Financial Checkups: Conduct in-depth financial assessments quarterly, focusing on tax planning and ensuring you meet financial goals and compliance.
3. Annual Financial Review: Ensure financial records are comprehensive and accurate for tax filing and strategic year-end planning with your CPA or financial advisor.
4. Financial Discipline: Regularly reviewing your finances can uncover potential issues early, enabling proactive adjustments and preventing larger problems.
5. Practical Tips for Maintenance: Adopt a systematic approach with manageable, consistent reviews to maintain financial health and reduce end-of-year stress.

 

Chapters:

Timestamp Summary

1:23 Why People Avoid Reviewing Their Books Until Year-End

3:27 Importance of Knowing Your Business Finances for Growth

3:48 Helpful Tips to Trick Your Mind into Doing Tasks

4:19 The Importance of Regularly Reviewing Your Business Books

5:49 Monthly and Quarterly Financial Reviews for Profitability and Tax Planning

7:40 The Importance of Maintenance in Reducing Stress and Anxiety

8:09 Financial Planning and Accountability for Year-End Success

Powered by ReiffMartin CPA and Stone Hill Wealth Management

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.