It is extremely important to perform your business’ Management Accounting or Monthly Bookkeeping and to actually monitor your business’ performance. It is extremely important to check the performance regularly. Hence, it’s called Monthly Management Accounting.

Many business owners believe that this process is only there to show them the net profit, or loss, for the month. It is however so much more! The monthly review of your business’ financial situation should include the following:
– Revenue tracking by customer
– Revenue tracking by branch
– Revenue tracking by product
– Cost of sales tracking by supplier
– Cost of sales tracking by branch
– Cost of sales tracking by product
– Expense tracking by expense item
– Variance analysis on all of the items above
– Ratio analysis for the most important indicators

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