Posted On: January 31, 2024 by Success Bank in:
It’s That Time of Year The beginning of a new year presents a great opportunity for producers to spend time financially preparing for the upcoming year. There are many decisions to make and deadlines to meet, which can all prove to be daunting at times. See below for five strategic planning methods that can be put in place to help guide financials decisions now and throughout the remainder of year. Prepare a Balance Sheet: The Balance Sheet report reflects an individual’s Assets, Liabilities, and Equity at any point in time. Assets reflect what an individual owns, Liabilities reflect what an individual owes, and Equity reflects the net worth of the individual. This reports looks at an individual’s whole financial picture and can be beneficial in tracking how the operation changes from year to year. Create a Cash Flow: The cash flow report reflects the income and expenses a producer expects to incur in the coming year. Preparing this report can present a great
