Yes, it's that time again! First, congrats on a successful 2022 thus far! Secondly, pull out those profit & loss reports and balance sheets. Take a quick comparison of the annual budget and actual income and expenses thus far. Periodical review of the company's financial statement data, especially PRIOR to year-end can help strengthen the company's year-end success! This task is informative and preventative. If navigational course of the business plan needs to be turned, this is not always obvious until financial reports are pulled, and you're actually look at what you're spending. Check those reports monthly!
Wouldn't it be nice to prevent the emotional rollercoaster of cash flow balancing? This is done by finding that perfect zone of timing with monthly deposits and monthly expense trends. Before your business takes unexpected turns, make future estimated cash flows by budget and review cash burn reports weekly. It helps to understand if and how you can react to those unexpected turns when they happen. The monthly review process always reveals upcoming "tightening of the belt" scenarios BEFORE they happen! Get ahead of those "slow month" curves. Install a monthly savings discipline to aid the company's rescue potential should the unexpected turn continue longer than expected. Actively increase your company's opportunity and ability to coordinate rebound by being proactive not reactive when it comes to your business financials!