The Magic of the Quarterly Review
Humans love to assign time frames to things. Whether it’s the seasons (fall, winter, spring, summer) or seasons of life (childhood, marriage, kids, etc). We do the same with the calendar year. Each year is split into quarters, and quarters are a magical thing. They’re short bursts of time (just 3 months) that hit at a predetermined time. Quarters never change, they end every April, June, September, and December.
I know, I know, you’re welcome for this mini-lesson on the calendar. What would you do without me? But what I want to draw your attention to is the fact that quarter ends are an excellent time to review your books, almost magical.
Accio Quarterly Review!
Business Performance
A quarterly review gives you a chance to sit down and truly analyze how your business is doing. How is your revenue compared to last quarter or last year? How are your expenses comparing? Are you more profitable this quarter? The end of the quarter is the perfect time to dig into your financials and figure out how you’re really doing.
From there you can dig into the changes you need to make, the areas of your business to focus on for the next quarter. Consistently knowing how your business is doing is true magic.
Check for Accuracy
The quarterly review is a great time to check through your transactions for accuracy and consistency. Did you split all your utilities into personal and business, did you classify all of your transfers between bank accounts correctly, are you consistent in your categorization? This is where looping in a professional comes in handy.
Hiring a bookkeeper for a quarterly review get’s a professional into your books checking for issues and polishing everything up. If you’re at a point in your business where you’re not quite ready to hire a bookkeeper full time this is an excellent alternative. You get the expertise and knowledge of a bookkeeper checking your work and analyzing your results each quarter, which is a total win!
Bookkeeping seem complicated?
You know bookkeeping is vital to the success of your business. Stop procrastinating and start getting it done with this simple checklist. You’ll get:
- A list of exactly what tasks you need to do each week, month, quarter, and year so you can stay on track.
- Tax due date reminders so you stay on the IRS’s good side
- All the satisfying checkboxes so you can finally mark bookkeeping off your to do list
Sets a deadline
Hiring a bookkeeper for a quarterly review means you’ve got a deadline to get your transactions categorized because I’m totally checking up on you. I can’t do my job if you haven’t done yours. And sometimes all it takes is knowing that someone is waiting on you to get your butt in gear and get your stuff categorized.
When someone is keeping tabs on you each quarter you won’t have to scramble at tax time to get a whole years worth of data processed, you’ve been keeping up with it all along. Not scrambling or stressing about getting your books done sounds like magic to me!
Knowing your books are done on time, done correctly and are there to help you analyze your business performance is a huge win! Want to learn more about the magic of the quarterly review? Go here to read all about it.
