Planning For Success: Quarterly Meetings
Updated: Apr 24
You've outsourced your business's accounting functions and your accountant has said that he/she will schedule monthly or quarterly meetings with you to review your financial results. So what's on the agenda? This definitely varies from client to client but here are some relatively standard items that you will want to consider:
Share with your accountant any new operational ventures, successes, or pitfalls (this gives him/her some background on what to be aware of in the future or answer questions on the financial results).
Overview of current financial results (use a comparative measure like current month vs prior month or a prior year or budget versus actual results).
Don't just review the Profit and Loss, review the Balance Sheet as well. Not sure what the Balance Sheet is telling you, don't be afraid to ask your accountant to walk you through these balances as well.
If your accountant does client invoicing for your business, review the Accounts Receivable (AR) Aging Report together. Review outstanding balances and discuss a plan of action to get past due amounts collected.
If cash flow is an issue, review current cash balances and upcoming cash outflows. Your accountant may not be aware of an upcoming plan you have to purchase some equipment or maybe you are working on obtaining a line of credit (LOC). Let him/her know.
OFI - Opportunities for Improvement: Discuss with your accountant how they see that your financial situation can be improved. Or discuss with them how you can work with them more effectively. Basically, just take this time to touch base on the relationship and workflow. It's always good to check-in especially if your accountant works for your remotely.
Building a strong relationship with your accountant is important for every business owner. If he/she understands your business and you trust him/her with managing your finances, you will be guaranteeing a valuable and long-lasting relationship. If you don't have a finanicial partner for your business, we'd love the opportunity to sit down with you to see if it could be a good fit!