Financial Review: Once a Month May Not Be Enough

The largest percentage of small business owners who answered our survey say they review their financial statements monthly, but others are finding benefits in having a look more often.

After taking a class for entrepreneurs, Wendy Kaufman, founder and president of Balancing Life’s Issues, a national corporate training company, now reviews her company’s financial statements every week. “In this type of roller-coaster economy, and especially in our small business market, a lot can happen in a month,” says Kaufman. “Many small companies who go under say ‘it just happened so quickly’, but more frequent review of the numbers might have helped keep them afloat.”

Kaufman also suggests adopting a “Scrooge-like” mentality, and cutting back on postage, printing, and travel reimbursement costs.

For how-to guides on accounting and taxes, visit nyreport.com/how-to/manage_cash_flow_and_taxes