Instructions

Make sure your bookkeeping is up-to-date. This means making sure you record all financial inflows and outflows, whether for a specific department, product line or the organization as a whole. For small businesses, using financial management software such as QuickBooks from Intuit can help make this a painless process. For medium to large organizations, you may want to leverage an Enterprise Resource Planning (ERP) software program such as SAP to integrate financial management and planning into each business department. This will usually require having policies in place to ensure the accounting of all financial activity. Each department should prepare its own budget and provide a report detailing all financial transactions over any given period.

Compile reports on all income remitted to the business, including accounts receivables, investment income and sales. Just as important, you should pull reports from the sales department that break down the sales on each product line and each sales avenue. The objective here is to have a clear picture of how well the business is generating revenue and to determine the profitability of that revenue, pinpointed by both product and sales approach or location.

References

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