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What are the most important financial reports to check from your business services provider?

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If you run a small or medium-sized business, you may outsource some of your administrative functions to a business services provider. This can help you save time, money, and resources, as well as access specialized expertise and technology. However, you still need to monitor the performance and quality of the services you receive, especially when it comes to your financial management. In this article, we will discuss what are the most important financial reports to check from your business services provider, and why they matter for your business success.

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Monitor your KPIs:

Regularly tracking your key performance indicators helps you stay aligned with your strategic goals. Limit your KPIs to a manageable number to avoid a scattered focus and ensure clear, actionable insights.### *Review cash flow statements:Frequently checking your cash flow statement ensures you have a solid grasp on your liquidity. This helps you manage daily operations effectively and plan for future financial needs.

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1 Income statement

The income statement, also known as the profit and loss statement, shows how much revenue your business generated and how much expenses it incurred over a specific period. It helps you measure your profitability, identify your main sources of income and costs, and track your financial trends. You should check your income statement regularly to see if you are meeting your budget goals, if you need to adjust your pricing or spending, and if you have enough cash flow to cover your obligations.

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Carolina Pinto

Gest?o de clientes @ Pedro Caramez | Responsável administrativa e financeira || Forma??o e Consultoria LinkedIn | Carreira | Posicionamento | Desenvolvimento de Negócios
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O balan?o, demonstra??o de resultados por natureza e a demonstra??o de fluxos de caixa s?o as demonstra??es financeiras mais importantes. A partir daqui pode efetuar muitos rácios para conseguir tirar as conclus?es necessárias (exemplo: solvabilidade, autonomia financeira, liquidez, praz médio de stockagem, etc)

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2 Balance sheet

The balance sheet, also known as the statement of financial position, shows what your business owns and owes at a specific point in time. It lists your assets, liabilities, and equity, and reflects your net worth and solvency. You should check your balance sheet periodically to see if you have enough assets to pay off your debts, if you are using your resources efficiently, and if you are building your equity over time.

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3 Cash flow statement

The cash flow statement, also known as the statement of cash flows, shows how much cash your business received and spent over a specific period. It breaks down your cash flow into three categories: operating, investing, and financing. It helps you understand how your business activities affect your cash position, and how you manage your liquidity and working capital. You should check your cash flow statement frequently to see if you have enough cash to run your business, if you need to raise or repay funds, and if you are generating positive cash flow from your operations.

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Constance Holtzhausen
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Its definitely the Cash flow Statement. It sums up everything that are happening in a business (inflows, outflows, Investments, financing, etc.).

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Rhondalynn ??Cash Flow ?? Pricing ?? Business Growth

Business Improvement Expert - former practicing lawyer & chartered accountant, author, speaker & master business coach. I help business owners attract and retain a higher caliber of customer and maximize CASH FLOW.
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Cash flow is king. It’s the only statement that can tell you how much cash has leaked out if your business and where cash might be trapped. It’s crucial to understand where cash could be unlocked because it means that you can take action to improve your results and put more cash into your bank account. Also cash flow should never be confused with cash position estimate (or a forecast). A forecast is highly subjective and uncertain. It may or may not happen. However cash flow is 100.% certain, making it the key lagging metric every owner should have on their radar. The key leading metrics every owner should be tracking are of course the key drivers each business has that impacts cash flow.

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Robblynn - FinancialServices

Construction Cash Flow Consultant for Contractors | Boost Cash Flow & Profits | Reach Out Today!
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Cash flow statement is the most important statement to check. Cash flow statement is your business's compass. It's not just about knowing where your money is; it's about knowing where it's going and when it's coming back. It's about being prepared for the slow seasons, avoiding late-night money stress, and keeping your business resilient.

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4 Budget vs actual report

The budget vs actual report compares your planned income and expenses with your actual results. It helps you evaluate your performance, identify any variances, and determine the causes and effects of those variances. You should check your budget vs actual report regularly to see if you are on track with your financial plan, if you need to revise your forecasts or assumptions, and if you need to take corrective actions or implement changes.

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Mr. Biz??, aka Ken Wentworth

On-Demand CFO ?? Strategic Partner ?? Cash Flow Pro ?? Speaker ?? Author ?? Board Member ?? Radio Host??Investor ?? MrBiz.com
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This shows you monthly precisely how you are trending vs. your financial goals - i.e. your budget. It enables you to quickly adjust your plans to get back on track or double-down on what is working.

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5 Key performance indicators report

The key performance indicators (KPIs) report shows how well your business is achieving its strategic objectives and goals. It tracks and measures the most relevant metrics for your business, such as sales, profitability, customer satisfaction, retention, growth, etc. It helps you monitor your progress, assess your strengths and weaknesses, and improve your decision-making. You should check your KPIs report frequently to see if you are meeting or exceeding your targets, if you need to adjust your strategies or tactics, and if you need to celebrate or reward your achievements.

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Mr. Biz??, aka Ken Wentworth

On-Demand CFO ?? Strategic Partner ?? Cash Flow Pro ?? Speaker ?? Author ?? Board Member ?? Radio Host??Investor ?? MrBiz.com
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Your KPIs should be regularly monitored. I recommend having daily, monthly and quarterly KPIs to address immediate, mid-term and longer-term goals. That said, I generally advise to not have more than 5 KPIs in each category. Otherwise, you run the risk of having too much of a splintered approach.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the most important financial reports to check from your business services provider?

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3

4

5

6

1 Income statement

2 Balance sheet

3 Cash flow statement

4 Budget vs actual report

5 Key performance indicators report

6 Here’s what else to consider

Administrative Management

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What are the most important financial reports to check from your business services provider?

1

2

3

4

5

6

1 Income statement

2 Balance sheet

3 Cash flow statement

4 Budget vs actual report

5 Key performance indicators report

6 Here’s what else to consider

Administrative Management

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