If just the thought of trying to pull together new financial statements is overwhelming, it’s time to put a plan in place. Having accurate and up-to-date financial statements at your fingertips whenever you need them is the best expression of your solid management skills to a potential lender or investor. It shows you are managing the small details that add up to a successful bottomline.
A financial statement that is difficult to read, has mistakes, or has outdated information reflects badly on the practice owner. Unfortunately, every lender has seen more than their fair share of poorly executed statements.
If you’ve been busy running your practice and need help getting your management processes on track, here are some ideas to help:
You can only manage what you measure – so create the infrastructure and support team to make it happen.
Opportunities present themselves when you least expect it, so having well prepared financial statements at your fingertips to share with an investor or lender can pay off. Quick access to detailed and accurate financial information will set you and your practice apart from the competition – and show off your important management skills.
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