You have an accountant working for you. Whether they are an employee(s) or outsourced, they need to work for you. Sounds silly but they need to give you what you need to see. Different businesses have different requirements in terms of reporting.
When you are a small business, cash flow is critical.
Too often, businesses fail because of cash flow problems. The income is enough to sustain the business but the availability of that cash is the key issue. Reports for this type of business may include a profit and loss but will more importantly be a regular interaction on the cash in flow and cash outflow to ensure the sustainability of the business until a reserve is built up.
Moving up means different requirements.
An established business takes on a different level of reporting. Generally, it becomes industry specific. An example is a restaurant. In South africa, a restaurant keeps a strict eye on the gross profit. This a critical statistic. If this is too low, the business suffers. This statistic relies heavily on the recording of transactions by the accountant. Incorrect recordings result in useless information resulting in incorrect reports etc.
Whatevef your business does and where it is going, it requires specific reports for it to move forward. Your accountant is able to give tailored reports to enhave your decision making process. If you do not get this reporting or do not understand them, it needs to change.
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