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05/24/2012 at 04:51PM PDT
Important Announcement! A planned system-wide upgrade will take place over the Memorial Day Weekend in the US (From Thurs, May 24, 2012 at 6 pm PDT thru Tues, May 29, 2012 at 5 am PDT). This includes QuickBooks, QuickBooks Payroll, Point of Sale, & Salesforce.com. This is only for US based products. This does not affect QuickBooks Online customers! During this time, you can shop, but can’t place orders online, activate products or update account info. We apologize for the inconvenience & thank you for patience while we improve our infrastructure to better serve you. International versions are unaffected. For more info, see our community discussion.
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Viewed by asker 10/11/09 2:42pm PDT

Advantages of monthly finanicial statements

I am trying to convince a client to move to monthly or quarterly financial statements vs. just annual tax returns. Any suggestions on the advantages of monthly financial statements?

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09/08/09 6:36pm PDT
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They can see what they're making, or losing, on a regular basis, with real numbers and not just what they imagine it to be. Knowing how they're doing throughout the year will make tax time less painful. Also, all the data has to be compiled anyway, why not do it throughout the year so there'll be less to do at tax time? It's essential to planning for business growth and development. 

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09/09/09 5:21pm PDT

It's even more important to run statements that will show the owner how well he or she is doing on a frequent basis during this difficult climate.

I would be looking at my numbers on an at least monthly basis to know how much is coming in versus expenses.

This is especially important for anyone who has or will have an investment in inventory and any fixed costs.

Even if they know they are making a profit, the only viable way to tell how much and to know where other investments should be made will be supported by the numbers.

QB can provide about anything needed so why would they not want them, surely it can not be that much cost to produce even with your fee.

 

 

Harry Tucker
Pro Bookkeeping Consultant LLC
http://proadvisor.intuit.com/q...
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09/10/09 9:11pm PDT

You could point out this is important for tax planning. It's nice to know how much tax might be owed and/or saved, based on what you see at a point in time and strategies that could be applied to make the difference, before it's too late and the tax year is done.

If this post answers your question, please give a "thumbs up" or mark this Solved to let others know about it.

If you get an emailed Survey, please take a moment to follow up here, too. Thanks!
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Thank you all for the great feedback.  I agree with your suggestions and will keep them in when during conversations with my clients and prospects.

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