Are You Checking Your Numbers Too Late?

​One of the most common things I hear from business owners is, “I only really look at my numbers during tax time.” And tbh, that is very common. After all, you are busy running your business, serving clients, and juggling everything else that comes with it and if the bills are paid on time, this is usually a good sign.

But I have worked with quite a few business owners who felt stressed or stuck  and the root cause was that they were not checking their numbers regularly. Once they started reviewing them more often, things felt much more manageable and much less overwhelming.

So how often should you be looking at your numbers?

At the very least, I'd recommend a quick weekly check-in and a more detailed monthly review.

A weekly check-in does not have to take long. It can be as simple as looking at your bank balance, checking what came in, what went out, and making sure everything looks right based on your actual experience for the week. For example, if a large expense hits your account or a client payment you were expecting has not come through, you can zero in on the issue early instead of finding out weeks later.

Your monthly review, however, is where you can really start to get the bigger picture. This is the time to look at your profit and loss, review your expenses, and see whether your business is actually making money. 

It is also the best time to notice patterns based on what you'll be seeing and remembering from month to month and year to year. You might, for example, see that your expenses are slowly increasing, or that your revenue is not as steady as you may have thought.

When you only look at your numbers once a year around tax time, it is like getting in a boat with no oars and no sail. It is much less likely to arrive safely where you expect it to. But checking your numbers more often gives you the chance to make adjustments, plan ahead, and make better decisions while things are happening, with data that is relevant and current.

But.... for many busy owners this feels like a big ask, and if that's you, you are not alone. The goal is not to make things more complicated but to make your numbers easier to understand to make your business run more smoothly.

If you want help creating a system that keeps your books organized and easy to review, we are here to help. Book a short call with me, and let me walk you through what it could look like for your business.