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RISCORE's March Recipe for Small Business SuccessBusiness Controls
Be in control of your business! Know what happens every day, every week, and every month!
Start with a new “accounting calendar”. Close the books each month on a Sunday! Months are four weeks, four weeks, and five weeks (13 in the quarter) with every month ending on a week end. The advantages are:
- No payroll accruals
- Inventory taking is done on weekends
- Easy “cut off” for AP and Inventory
- Easy “cut off” for billing and AR
- Provides meaningful comparisons to budget & last year
This makes control of your business much easier and less error prone. A thirteen week accounting calendar can be implemented any time along with forecasts and budgets.
By Ray McNeill
SCORE Counselor
Warwick, RI