The Growth Advisor Podcast

Episode 05: Why Is Financial Reporting Important for Small Businesses?

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Financial reporting is an essential tool that helps small businesses like yours keep track of their financial health and make informed decisions about their future. But they’re not one size fits all.

 

In this episode, I explore the importance of financial reporting for small businesses and the basics of financial reporting, including the different financial statements that are important to know.

 

By the end, you’ll have a better understanding of why financial reporting is important for small businesses and how it can help you grow and make better decisions for your business. So, whether you’re a small business owner or just interested in finance, tune in to this episode to learn more!

 

 

Some Housekeeping:
  • Correction: Some “nonfinancial” KPIs I mentioned are in fact financial i.e. revenue per client, etc.
  • I never mentioned what accrual accounting really is which is recording your revenue when it is constructively received (i.e. when you issue an invoice) and recording your expense when you buy something not necessarily when you pay for it. So recording your expenses when you receive vendor bills, not when cash comes out.

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    Resources:

    North Shore Accounting

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