There are certain entrepreneurs who simply don't enjoy the accounting side of their business and would rather work on the creative side of things. However, whether they like it or not, accounting and bookkeeping are important to small businesses as they can provide useful insights that can help companies create more accurate financial forecasting models. Neglecting these tasks will leave entrepreneurs clueless when it comes to making business projections. Below are a few tips entrepreneurs can use to ensure they're aggregating solid financial information.

Ask for month-end statements
In today's fast-paced business world, entrepreneurs simply can't wait six months to a year to evaluate expenses. By asking for a month-end statement, entrepreneurs will have the opportunity to see the income state and balance sheet for their business. These monthly analyses provide entrepreneurs with a better idea of the status of their company to allow them to make the necessary decisions to make their business better.

Gather good data
Entrepreneurs should encourage their bookkeepers and accountants to include as much financial information in their month-end statements as possible. Only with sufficient data will entrepreneurs be able to develop and evaluate cash flow forecasting models, which allow better business decisions. Budgeting software can make life easier for bookkeepers and accountants because a collaborative atmosphere enables all members of the business to view these month-end financial statements.

Stay organized   
Developing a system for late invoices and statements for vendors will allow entrepreneurs to have a better idea of their available cash flow. Filing invoices when they come back instead of when they are sent out will make it easier for bookkeepers and accountants to make sure financial statements stay organized. While sales and revenue numbers may not be completely accurate each month, invoices that come in late will even out and will not make that much of a difference in the long run.

Review financials regularly
These smart practices will help entrepreneurs stay on top of their finances, and will make it easier to make projections and plan for the future. The more often entrepreneurs look at their financial statements and budgets, the easier it will be for them to identify and address potential issues before they evolve into major problems.

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