By now you should be deep into, if not finished with your year end analysis. You should be getting your 1099s out, and you should be performing some additional analysis on your financial data. This is critical to help determine which direction(s) to go, in 2016. Here are 5 Financial Reporting Tips for Architects who use BillQuick.
In my last post, “Year End Closing With BillQuick Enterprise” I showed you the high level year end review reports. Now we’re going to dig a little deeper, for a little deeper analysis. These are financial report analysis tips. In another post we will look at project management reports. This is where, as you might expect, you will analyze your projects, to see which ones did well, and which ones, perhaps not as well. We’ll see a bit of that in these reports, but not real detailed.
Tip # 1 in my 5 financial reporting tips for architects who use BillQuick is to analyze the check register. This is a good test to perform weekly, actually. This helps you keep a close eye on everything that is going in and out of your account. You’ll catch, and correct mistakes quickly. This is even more important to do, if someone else is managing the books for you. Analyzing your check register, is not the same as looking at it online, in your bank account. Nothing is coded there. You will want to do this directly in BillQuick. Furthermore, looking at your bank account online, won’t help determine if something is missing in BillQuick.
Tip # 2 in my 5 financial reporting tips for architects who use BillQuick is to analyze accounts receivable. Last time I just ran an aging and asked you to consider whether or not this looked reasonable. I also asked you to consider whether there was anything that jumped out at you as not belonging, and finally I asked you to consider if anything was missing. That last one is a little harder, but many business owners that I speak to have impressive recall, even when it comes to recognizing what is missing.
Tip # 3 in my 5 financial reporting tips for architects who use BillQuick is to analyze your customers. We’re still in the accounts receivable are of the reports, but it’s time to look at which customers and projects are our best ones. These are the customers you want to call on, to
- make sure they are blown away by what you’ve done for them, and see if there is anything more you can do for them, and
- see if they have any other work for you, and
- see if they have any referrals for you.
Tip # 4 in my 5 financial reporting tips for architects who use BillQuick is to perform some high level analysis. This means we’re going into the Analysis reports in BillQuick. There are many reports in there, and you should spend time in there, familiarizing yourself with as many as you can. Decide what is important to you in terms of insights you will gain about your business. That should help determine which reports you will want to look at. I am going to show you one.
Tip # 5 in my 5 financial reporting tips for architects who use BillQuick is to analyze accounts payable. Just like accounts receivable you want to analyze accounts payable. You want to maintain a good relationship with your vendors, for one thing. Moreover, you want to make sure you haven’t missed anything. In my last post, I showed you how to run the accounts payable aging to see if anything looked wrong, or, old. Now we’ll look at some of the details to provide some additional insight.
There are many other reports to look at, as you’ll see when you start going through these. Also if you need a report customized, that you don’t see in the many standard reports that BillQuick Offers, contact us, because we can customize them for you.