Bookkeeping Australia - Reports to See If Your MicroBusiness is Making Money!
If you run a Micro Small Business Australia you need to monitor your business progress. One of the best ways to do this is to keep up to date with your bookkeeping data entry so you can produce financial reports that show your business results each month.
The Profit & Loss report is the holy grail of reports, it tells you if you are making money or not! This report shows your Income and Expenses for your micro business.
You can review your different income streams and expense accounts to see your most profitable areas of income and highest cost centers.
A budget is an estimate of your business income and expenses. Usually you have a reasonable idea of what your business expenses will be, but estimating your income is a more difficult task. This is where your initial research before starting your business is invaluable.
A Breakeven Report will tell you how much income you need to make to simply cover your business expenses, before you actually make any profit from the Business. The Breakeven report combined with a Budget are valuable Business Planning tools.
For more information on managing the bookkeeping and adminstration systems for your MicroBusiness see
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ABOUT THE AUTHOR
Robyn Howard has a passion for Bookkeeping!
She is a self employed contract bookkeeper running her own Micro Small Business - BOOST Bookkeeping
She is currently a MYOB Approved Bookkeeper and a member of the Institute of Certified Bookkeepers and the Australian Bookkeepers Network and works regularly with Micro Small Business Owners to train and assist them with their Bookkeeping.