Running a business can sometimes feel like spinning plates, especially when it comes to the finances. There’s money coming in, money going out, invoices to send, tax returns to think about, and a seemingly endless stream of things to stay on top of. Without regular check-ins, it’s easy for things to become a bit chaotic.
That’s where regular financial reviews come in. Whether it’s monthly, quarterly, or a mix of both, sitting down to look at the numbers in a structured way can make a big difference to how you run your business – and how confident you feel when it comes to making important decisions.
Why financial reviews matter
Many business owners wait until year-end, or even just before a tax deadline, to look at their financials in detail. By then, it’s often too late to make changes that could have saved money, improved cash flow or driven better decisions.
A regular financial review gives you the chance to:
- Spot trends and track performance
- Spot mistakes or discrepancies early
- Understand where your money is going
- Plan ahead with confidence
- Make informed decisions in real time
In short, it gives you clarity – something that’s essential when you’re aiming for sustainable, profitable growth.
What should a financial review include?
A financial review doesn’t have to be complex or time-consuming. In fact, the more regular they are, the easier they get. Here are a few key areas to focus on during your reviews:
1. Cash flow
Start with the basics – what’s coming in, and what’s going out? Do you have enough cash to cover your upcoming expenses? Are any customers late paying their invoices? A quick cash flow snapshot can help you stay in control and avoid nasty surprises.
If your cash flow is tight, this is the time to take action. Whether it’s chasing unpaid invoices, reviewing your payment terms, or identifying non-essential expenses, taking steps to get things on track – and keep them that way – will make a significant difference going forward.
2. Profit and loss
Are you making money? And just as importantly, are you making enough? Your profit and loss (P&L) statement will show you how much revenue you’ve brought in, how much you’ve spent, and what’s left over.
Keep an eye on any areas where costs are creeping up, or where income has dropped. The sooner you spot these, the easier they are to fix.
3. Balance sheet
This gives you a picture of your business’s overall financial health. It shows your assets (what you own), liabilities (what you owe), and equity (what’s left for you as the business owner).
A regular balance sheet review can highlight whether you’re taking on too much debt, or holding on to too much stock or unpaid invoices.
4. Key performance indicators (KPIs)
If you’ve got targets in place such as a revenue goal, a profit margin, or a customer acquisition cost, it’s helpful to track them regularly.
Financial KPIs keep your goals front of mind and help you stay accountable.
5. Tax and compliance
Are you up to date with your VAT, PAYE, or Corporation Tax obligations? Are your expense records in good shape for your next return?
A quick compliance check each month or quarter can save you time, stress – and avoid fines – later on.
How often should you review your finances?
There’s no one-size-fits-all answer, but here’s a rough guide:
- Monthly reviews are ideal for keeping a close eye on cash flow, chasing invoices, and tracking short-term performance.
- Quarterly reviews work well for reviewing profitability, adjusting budgets, and making bigger strategic decisions.
If you’re growing fast, or your finances are particularly complex, a monthly rhythm often works best.
The key is to be consistent and use your review time to focus on the numbers that matter most to your business.
You don’t have to do it alone
If the idea of doing financial reviews fills you with dread, or just feels like yet another thing on the list, remember you don’t have to do it alone.
Working with a proactive bookkeeping team means you’ll always have up-to-date numbers, and you can get support reviewing them when you need it.
At Office Assistants, we help our clients gain clarity and control over their finances with regular management reporting, cash flow forecasting, and expert support.
Whether you just want someone to keep your books up to date, or you’re looking for in-depth performance reviews and coaching, we’ll tailor our support to suit your business.
Ready to turn chaos into clarity?
If it’s been a while since you last reviewed your finances – or if your books are feeling a little out of control – now’s the perfect time for a fresh start.
📅 Book a Discovery Call today, and let’s chat about how we can help you bring order to your finances and keep your business moving in the right direction.
