At Bidwell Accountancy, we know that many business owners are so focused on the day-to-day that reviewing financial reports often slips down the priority list. Others may find the numbers confusing or overwhelming. But taking time to regularly review your key reports can be a game-changer for your business—and we’re here to help make that process simple and insightful.
Here are six key reasons why we encourage all our clients to review their financial reports every month:
1. Understand Your Business Performance
Your Profit and Loss Report (also called your Income Statement) shows your business’s revenue, expenses, and profit for a period of time. Reviewing this monthly gives you visibility into where your money is coming from—and where it’s going. It helps spot trends, anomalies, and opportunities to improve.
2. Make Informed Financial Decisions
Your Balance Sheet (Statement of Financial Position) shows your assets, liabilities, and equity. Together with your P&L, this provides a full picture of your financial health, empowering you to make confident, data-backed decisions.
3. Improve Cashflow and Get Paid Faster
Reviewing your Aged Receivables Report helps you stay on top of unpaid invoices. Prompt follow-up on overdue accounts means better cashflow and fewer bad debts.
4. Maintain Strong Supplier Relationships
The Aged Payables Report shows what you owe your suppliers. Staying on top of these payments helps you maintain trust and credibility with key partners.
5. Access to Funding and Finance
Accurate, up-to-date financials are often required when applying for loans or overdrafts. Monthly reporting keeps your accounts investor- and lender-ready.
6. Better Planning, Better Results
The more you understand your numbers, the better your strategic planning. With regular insights into your margins, costs, and growth trends, you can plan effectively and make smart choices for the future.
Not sure which reports are right for your business? We’ll work with you to identify the key metrics that matter—and ensure you understand them.
At Bidwell Accountancy, your business success is our priority. Whether you're just getting started or scaling up, we’re here to help you make confident, informed decisions every step of the way.
👉 Let’s talk—get in touch with our team today.
Share this post: