Business accounting might not seem exciting, and to some it may even be intimidating, but it’s the foundation of any successful business and who doesn’t want to be part of a successful business? Here are three accounting services that can improve your company’s bottom line.
- P&L reporting – Profit & Loss reporting is crucial to the success of any business, be it large or small. P&L reporting allows management to keep their finger on the pulse of the business and can highlight areas to cut unnecessary costs, allowing your business to prosper. Reviewing a company’s income and expenses over a period of time and deriving your net Profit (or loss) helps owners and investors understand the financial health of the business.
- Cash flow reporting – Cash flow statements also allow business owners to better understand the health of their business. These statements measure the amount of cash (or cash equivalents) entering and leaving a business. These statements are used as part of the budgeting process because they help predict future cash flow. Cash flow statements complement the balance sheet and income statement and are a necesary component of a company’s financial reporting. Having a better understanding of your company’s cash flow can position you to make informed decisions about the future.
- On-site POS system – A Point of Sales (POS) system is another key building block to understanding your business and improving your bottom line. Balancing your POS system frequently will help ensure you’re accounting for all funds due to your company. A good POS system doesn’t end with scanning products through the register, but can provide information on the back end that might allow you to make more strategic decisions around your business. For example, POS data can tell you not only how much of a certain item was purchased but it can also help outline seasonality or cross-shop patterns. Uncovering shopper patterns is the key to offering every day price points and promotions that will prompt customer to convert intent into sales.
If you haven’t had the opportunity to learn the ins and outs of these building blocks (and even if you have) these can seem like daunting tasks to tackle. That’s where StrasGlobal can positively impact your business.
For 35 years StrasGlobal has represented the best of the convenience industry’s entrepreneurial spirit and drive for innovation – providing turnkey small format retail site contract operations, staffing services, accounting services and retail consulting to companies large and small.
Contact us to learn how StrasGlobal can help alleviate your back-office work so you can focus on your primary responsibility – your customers.