A Matter Of Minutes
ONCE THE SYSTEMS described in this book are in place, all it will take is minutes of your time each month to monitor the results of your company's activity to give you a better understanding of your successes and/or failures. You will build a better business and make more money.
The Forecast and Profit and Loss Statements 20 minutes
To review forecast variances from the actual expenses on a line-by-line basis and ask questions of those individuals in your organization who will have answers as to why the variances are there should take no more than twenty minutes each month. Of course, as the company gets larger and the financial statements and forecasts grow more complex, this time may expand.
The Accounts Receivable 30 minutes
To review the aged accounts receivable and give collection instructions should take about thirty minutes each month. Before you get the listing of the accounts receivable have your bookkeeper red line those customers that failed to pay during the month. This is the time to see who gets those nasty computer letters and a phone call from Bridget.
The Financial Statements 20 minutes
Have your bookkeeper prepare the ratio analysis from the descriptions in this book. Compare these ratios with the previous months to see if your financial position is improving.
Cash 52 minutes
Four minutes a day, three days a week, is all that is needed to check cash balances and review your two-week cash forecast. Keep your money working for you and have your bookkeeper or secretary prepare the two-week forecast.
Now that you have reduced your time in reviewing your company's financial activity to about 122 minutes a month, you will have the time to spend an additional minute or two thinking about whether you are becoming a better manager.
As a better manager, you will control the expenses of the business by developing a forecast and monitoring it monthly.
As a better manager, you will develop a management system to monitor financial statements, cash balances, accounts receivable, and inventories.
As a better manager, you will take the time necessary to do both personal and operational planning. These plans will give the company direction and develop a team to carry out company's goals.
As a better manager, you will know that your attitude and style will be the spirit of the company, that the company is a reflection of the people at the top, and that they must be the best.
ONCE THE SYSTEMS described in this book are in place, all it will take is minutes of your time each month to monitor the results of your company's activity to give you a better understanding of your successes and/or failures. You will build a better business and make more money.
The Forecast and Profit and Loss Statements 20 minutes
To review forecast variances from the actual expenses on a line-by-line basis and ask questions of those individuals in your organization who will have answers as to why the variances are there should take no more than twenty minutes each month. Of course, as the company gets larger and the financial statements and forecasts grow more complex, this time may expand.
The Accounts Receivable 30 minutes
To review the aged accounts receivable and give collection instructions should take about thirty minutes each month. Before you get the listing of the accounts receivable have your bookkeeper red line those customers that failed to pay during the month. This is the time to see who gets those nasty computer letters and a phone call from Bridget.
The Financial Statements 20 minutes
Have your bookkeeper prepare the ratio analysis from the descriptions in this book. Compare these ratios with the previous months to see if your financial position is improving.
Cash 52 minutes
Four minutes a day, three days a week, is all that is needed to check cash balances and review your two-week cash forecast. Keep your money working for you and have your bookkeeper or secretary prepare the two-week forecast.
Now that you have reduced your time in reviewing your company's financial activity to about 122 minutes a month, you will have the time to spend an additional minute or two thinking about whether you are becoming a better manager.
As a better manager, you will control the expenses of the business by developing a forecast and monitoring it monthly.
As a better manager, you will develop a management system to monitor financial statements, cash balances, accounts receivable, and inventories.
As a better manager, you will take the time necessary to do both personal and operational planning. These plans will give the company direction and develop a team to carry out company's goals.
As a better manager, you will know that your attitude and style will be the spirit of the company, that the company is a reflection of the people at the top, and that they must be the best.