Financial Reflections for the New Year

The start of a new year is typically a time for reflection, new perspective and a sense of excitement about what lies ahead. For many of us, it is also the end of our fiscal year—  a time to close any outstanding items, prepare annual statements, and evaluate both our financial history and future strategic goals. For many operators, this becomes a daunting task that can be burdened further by unreliable and inconsistent financial information. For those who have dependable financial records available to them, it is often difficult to tie this information back to specific business operations. While financial statements are frequently prepared by third-party affiliates, there is rarely any context, interpretation or explanation accompanying them. Owners and management teams are in turn, left to fend for themselves.

Detailed statements and the right financial analysis can offer extremely valuable insight into key business drivers as well as areas for operational improvement and growth. It is essential to have the ability to compare and benchmark against historical periods as well as relevant industry standards. Beyond analyzing past information, operators often have no predictability and little foresight into future months or quarters.

At TaraPaige Group, we understand the powerful insight detailed financial records and analysis can provide. In our own work, we consistently rely on and implement the following building blocks to help our clients achieve financial success:

  1. A robust accounting management system that is customized and fitted to your business
  2. Accurate and timely recording of sales and vendor transactions
  3. Standardized reports and materials with relevant operating and financial metrics to be monitored on an ongoing basis
  4. Detailed operating budget that focuses on revenue drivers, expense breakdown and payroll
  5. Weekly and monthly performance tracking against operating budget to unlock opportunities for improvement and growth
  6. Long term financial that accurately reflects company’s growth strategy

Whether your business is in early stages of development or positioned for near-term growth, there’s no time like the present to evaluate your current financial operations. It’s the start of a new year, which calls for a fresh perspective and the right tools to tackle your strategic and financial goals. At TaraPaige, our goal is to create the optimal financial and operating foundation for our clients’ long-term profitability and success. For more information on how we partner with clients, please visit www.tarapaige.com.

Happy Reporting…TaraPaige Group.

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