Top Financial numbers you need to track in your business
- October 21, 2021
- Dalton Light
As a business owner, you know how important it is to keep track of your financial data. Even if you don’t consider yourself a financial whiz, having a snapshot of your business will help keep you on track so you know if you’re heading in the right direction in regards to profits, revenue and sales. QuickBooks training in Austin can give you the knowledge and skills required to track your numbers and keep your enterprise running smoothly. Here are the top numbers you’ll need to know as a proficient business owner.
Income: How much is your business bringing in each month? Is the figure in line with your overall goals? If not, you’ll have to determine ways to increase income, or decrease expenses.
Expenses: Include things like employee pay, office supplies, advertising, etc. Don’t forget about utilities like cable and hydro, even if you work from home.
Net income: Subtract your expenses from your income, and you’ll have a net income figure. This is one of the most important, because this number tells you how much you can actually put in your pocket and claim as revenue.
Cash flow: How much cash flow does your business have, if any? The amount will depend on the nature of your business, but you should have some to help carry you in the event your printer breaks down, or you want to invest in a new product.
Sales: How much sales did your company do this month? How many products were sold? How many new clients did you gain? And how do these figures compare with the same time last year?
Knowing these figures will give you an idea of how your business is doing at any point in time. QuickBooks training in Austin can be an important part of your bookkeeping strategy.