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How to Build a Reliable Financial Reporting Process: Insights from Sean Healy

Financial reporting is often seen as just a monthly task, but Sean Healy, CEO of Accounted4, emphasizes the potential of financial statements as tools for deeper business insights. In this episode of the $4M Strategies™ podcast, Carl J. Cox, CEO of 40 Strategy & 40 Accounting, and Sean dive into four key steps for creating a strong financial reporting framework.

The Power of Data Integrity

As Sean explains, every successful reporting process starts with data integrity. He highlights the importance of reconciling accounts early in the month and the risks of working with outdated data. Reliable, up-to-date numbers are the foundation of accurate reporting.

Looking Beyond the Profit and Loss Statement

While many entrepreneurs focus on their P&L statements, Sean advises that balance sheets deserve equal attention. A clear balance sheet provides a snapshot of business health and flags areas needing attention. From negative balances to unexpected variances, each line offers clues for better financial management.

Using Forecasts for Context

Finally, Sean emphasizes the importance of comparing monthly results to forecasts. These projections help clarify whether recent performance aligns with business goals. By doing so, entrepreneurs can understand trends and identify areas for improvement.

Take Control of Your Financial Story

If you want to better understand your financial data and make decisions with confidence, don’t miss this episode. Sean’s insights will guide you through simple yet impactful steps to enhance your financial reporting.

Listen to the full episode on our podcast page!

Podcast Sponsor: Oswego Private Wealth Management

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