Although your financial year-end can be at any time of the year, many businesses have a Dec 31st year end. This means your accountant will have last year’s financial statements ready by now.
Accounting might be your least favourite part of running your business, but your year-end financials can be a powerful tool to analyze your performance over the past year, compare it to your year-over-year business performance and make informed management decisions moving forward.
Although it is tempting to just look at your financial statements on a standalone basis, it is always good to have something to compare them to. Below are three important comparisons you should be making.