Reporting and Documentation
Good reporting is critical in managing and displaying your business data, which must be timely and accurate.
Monthly reports need to be thoroughly analyzed with aggressive corrective actions taken.
Business projections need constant updating.
Accounts receivable needs to be aggressively pursued.
QuickBooks or other financial management systems need to be up to date.
Ordinary monthly financial statements need to be delivered, like a Balance Sheet, Profit/Loss (Income) Statement, and Cash Flow Report.
Financial systems need to be integrated as much as possible (billable hours, purchase orders, inventory, and the like).
Read up on Accounting101 and/or hire a bookkeeper with the requisite skills.
