Profit and loss statement, Account Receivable, Accounts Payable and other reports that can help you get a handle on your business.
If you don't spend a lot of time doing the books, it might be helpful to know about these five reports you can get from accounting software.
They're for MYOB, but some of them might apply to other accounting packages as well.
They come from Leanne Berry, who is director of "specialist business advisor group" The Numbers Game - and quoted in an MYOB press release we received today.
Here are her "top five insightful reports", as quoted in the MYOB press release.
1. Monthly - Profit and Loss Statement shows the income, costs of sales and expenditure for your business. This report lets you do some basic financial analysis such as gross profit margin, budgets and forecasts, to identify and adjust spending patterns or to find ways to increase sales.
2. Weekly - Accounts Receivable shows who owes your business money and allows you to plan an effective debt collection protocol. If you don’t keep on top of your debtors you won’t be able to meet your liability obligations.
3. Weekly - Accounts Payable shows who your business owes money to. This allows you to pay your bills on time and receive any discounts, plan your cash flow and ensure all your obligations are met.
4. Weekly - Payroll Summary shows you your payroll at a glance. It also gives you the opportunity to work out your liabilities for PAYGW and superannuation, and provision it into an account separate from your working account so this money is available when these liabilities are due for payment.
5. Weekly - GST helps you to identify all amounts that are subject to GST. It allows you to provision the GST collected into a separate account as above for payroll and at a glance gives you the ability to identify any transactions that may be coded incorrectly.