Trust us, we know how hard it can be to stay on top of your monthly (or sometimes even annual!) reporting. You work long, hard days, and when they end, you want to be able to relax and enjoy the time you have with family and friends.
You have a pretty good handle on your wealth – maybe you’ve even hired a professional to help out with it – and you’d rather spend time dealing with investments and expanding your portfolio than keeping track of monthly numbers. Maybe you’re an entrepreneur, or you own your own business, and you’re so busy dealing with long-term strategizing and day-to-day operations of the business that your monthly reporting tends to slip through the cracks.
We get it. We’ve seen it all, and these are all valid reasons to have fallen behind on your monthly financial reporting.
After being in this business for over 30 years, we’ve built up the credibility and authority to help you out with your financial planning needs. We understand that you’re busy, and have other priorities than managing your day-to-day finances. At the same time, we want our clients to be as involved as they want to be in the process.
So to do our job effectively, we believe it’s crucial to have a personal connection with our clients. So if you want to meet and talk every week, we’re here for you. If you’re more comfortable with monthly or bi-monthly meetings, we won’t be offended either. So, without further ado, let’s talk about why monthly financial reporting is so important:
Why You Should Stay On Top of Your Monthly Financials
If you’re an entrepreneur or a business owner, we could make the argument that recording your monthly numbers is one of the smartest business decisions you can make. And if you’re looking to be better about reporting your personal financial numbers, it can be invaluable for your long-term personal financial health as well.
Simply put, there are three major reasons that make monthly financial reporting so important.
Reporting your finances each month will:
- Help you ensure you’re not making costly mistakes in your personal or business financial realm
- Provide data that you can use to make informed fiscal decisions
- Help you to be prepared for tax season
To obtain all of these benefits, though, you have to ensure that you’re reporting your monthly numbers accurately and uniformly.
And this is what we’re here to help with.
We’ll do as much as we can to make your monthly financial reporting accurate, beneficial, and painless. But we can’t do it all on our own – successful reporting requires teamwork and communication from both parties.
Here are two important things that you can do to help us ensure you get the best monthly financial statement possible:
1. Record daily transactions
This one is so important, and unfortunately often forgotten about. This may sound obvious, but to accurately report and analyze monthly numbers, we need daily numbers.
Whether we’re talking about your business or personal account (although this will likely come up more frequently for business accounts), it is ideal for you to write down any financial activity when it happens, and pass it onto us.
It seems simple – and it is – but you’ve likely got a million things going on, and sometimes jotting down a few numbers can slip the mind. It’s always easier to remember details in the present, though, so recording your daily transactions will make for a more accurate monthly report in the end.
2. Review the report
We will never close any project down without running it by you first.
We will look through your daily numbers, reconcile any systems that we need to, review revenue and expenses; and everything else that goes into this process. At this point, we’ll prepare your financial statement.
We have a lot of experiencing preparing financial statements, but at the end of the day this process is still about you – we will never finalize something without having you look it over and approve it first. If you need changes made, we’ll have a chance to correct it. And once everyone feels good about the report, we’ll start the process over again for the next month!
If you don’t currently have a monthly financial reporting system – or you do, but you’re not totally satisfied with it, we’d love to talk things over with you. Our team at Saddock Wealth can help you improve your financial well-being.