How Do You Measure and Track Business Performance?
What goals have you set for your business, how do you measure those goals, and how are you tracking?
If you’re unsure of any of these questions, your CPA can help.
Re-think the relationship with your CPA and partner in regards to determining, measuring, and tracking your goals. How do you go about this? Allow the Mid-MO CPAs at Wilson Toellner CPA to help you get started. This is an important process when it comes to managing a successful business and we would be happy to help. We can be reached at any one of our four locations throughout Mid-MO - Sedalia, Marshall, Camdenton, and Lake Ozark. Please check our website at www.WTCPA.com for phone numbers. Keep reading this week's blog to learn how to get started when it comes to measuring and tracking your business performance properly.
Where do you start?
First, get your records into a cloud accounting system like QuickBooks Online, which will allow you AND your accountant to access the information from anywhere, anytime. We can help you get your information pulled into QuickBooks Online and set up all the appropriate processes to ensure you spend the least amount of time possible keeping track of accounting records.
Second, make sure your records are kept up to date at least monthly (preferably weekly) so you and your accountant are working with the most recent information. Check your bank feed to categorize transactions and complete a monthly bank reconciliation. Don’t have time? We can help.
Third, schedule time with your accountant frequently (monthly or quarterly) to discuss the goals and tracking. We can meet virtually, via TEAMs, so we maintain CDC guidelines and limit face-to-face contact.
One tool your accountant has available to them to track performance is the QuickBooks Online Accountant Business Performance dashboard. You can measure your performance, see trends over time, and compare to industry marks.
The key metrics that you should be watching to maximize profitability are:
- Income
- Cost of Goods Sold
- Gross Profit
- Expenses
- Net Profit
Trends of these metrics and ratios over a 12 month period can be shown in a visual graph, using the tool and compared to industry:
- gross profit margin
- net profit margin
- Income
- expenses
- accounts payable days
- accounts receivable days
- current ratio
- quick ratio
This combination of easily accessible information, up-to-date information, the business performance tool, and the virtual meeting with your accountant will get you on your way to keeping your business healthy and strong.
Please do not hesitate to give us a call. Wilson Toellner CPA has four locations throughout Mid-Missouri and our phone numbers and locations are listed below. You can also find more information on our website at www.WTCPA.com. Don't stop there. Be sure to follow us on our social media platforms listed below to stay up to date on our latest announcements.
If you’re unsure of any of these questions, your CPA can help.
Re-think the relationship with your CPA and partner in regards to determining, measuring, and tracking your goals. How do you go about this? Allow the Mid-MO CPAs at Wilson Toellner CPA to help you get started. This is an important process when it comes to managing a successful business and we would be happy to help. We can be reached at any one of our four locations throughout Mid-MO - Sedalia, Marshall, Camdenton, and Lake Ozark. Please check our website at www.WTCPA.com for phone numbers. Keep reading this week's blog to learn how to get started when it comes to measuring and tracking your business performance properly.
Where do you start?
First, get your records into a cloud accounting system like QuickBooks Online, which will allow you AND your accountant to access the information from anywhere, anytime. We can help you get your information pulled into QuickBooks Online and set up all the appropriate processes to ensure you spend the least amount of time possible keeping track of accounting records.
Second, make sure your records are kept up to date at least monthly (preferably weekly) so you and your accountant are working with the most recent information. Check your bank feed to categorize transactions and complete a monthly bank reconciliation. Don’t have time? We can help.
Third, schedule time with your accountant frequently (monthly or quarterly) to discuss the goals and tracking. We can meet virtually, via TEAMs, so we maintain CDC guidelines and limit face-to-face contact.
One tool your accountant has available to them to track performance is the QuickBooks Online Accountant Business Performance dashboard. You can measure your performance, see trends over time, and compare to industry marks.
The key metrics that you should be watching to maximize profitability are:
- Income
- Cost of Goods Sold
- Gross Profit
- Expenses
- Net Profit
Trends of these metrics and ratios over a 12 month period can be shown in a visual graph, using the tool and compared to industry:
- gross profit margin
- net profit margin
- Income
- expenses
- accounts payable days
- accounts receivable days
- current ratio
- quick ratio
This combination of easily accessible information, up-to-date information, the business performance tool, and the virtual meeting with your accountant will get you on your way to keeping your business healthy and strong.
Want To Learn More?
Please do not hesitate to give us a call. Wilson Toellner CPA has four locations throughout Mid-Missouri and our phone numbers and locations are listed below. You can also find more information on our website at www.WTCPA.com. Don't stop there. Be sure to follow us on our social media platforms listed below to stay up to date on our latest announcements.
Our Success Stems From Your Success
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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