Question To Ask Your Bookkeeper - Monthly

There should always be open communication between you and your bookkeeper. Although running a business can become chaotic and time can get away from you, it’s vital to remain connected. Every month you should sit down, either remotely or together, and review your company’s financial health. Set aside time to review and analyze reports, ask questions, and determine a game plan for moving forward. Together, you and your bookkeeper will come up with a sound plan for your business. Some questions to address along the way…

What changes did we make last month & how did they play out?

Did you hire a new employee? Lose an employee? Add on to inventory? Take away from inventory? Look at the changes you implemented last month and see how they played out financially. What was their impact on your business overall? Is this the outcome you expected? Take some time to reflect on the changes you made and their overall impact. 

How did the business do financially this month?

Take some time to really review the ins and outs of your cash flow this month. Did you bring more or less money in? Were your expenses more or less than usual? Where do you currently stand? If your company continues like this, where will you end up? You can’t ignore the day-to-day of your business if you want to excel over the long-term. 

How do we need to adjust next month?

Based on what you’ve reviewed, where is your business headed next month? What changes do you need to make to stay on track to reaching your goals? Determine a sound short-term game plan for the next month and next quarter, then adjust your long-term game plan accordingly. To make it to the long-term, you have to successfully navigate the short-time. 

Taking the time to ask yourself these questions will help your business over both the short and long-term. Use the resources you have to help take your business to the next level and remain financially healthy - your bookkeeper and your bookkeeping itself will take you there.