The new year is just around the corner and it is time to put 2020 in the rear-view mirror and plan for a better future. The first step is to get your financial operations in order.
You should organize your expenses into categories that can be compared to industry standards. In addition, you should develop a budget for the year, by month.
Each month, you need to compare your actual results to your budget to track whether you need to make changes for the rest of the year.
Make certain your budget and actuals are done on an accrual basis.
– Darryl Salerno, Owner, Second Quadrant Solutions and Strategic Management Consultant