Keys to a solid accounting and financial analysis
Many business owners delegate accounting entirely to their accountant, without realizing that this information is the basis for making strategic decisions. It's not enough to simply "comply with the SAT"; it's also necessary to use accounting as a management tool that allows you to evaluate profitability, cost control, and the financial health of your business.
Below are the minimum points that a business owner should request and review periodically with his accountant:
1. Basic financial statements
The employer must ask for at least three main financial statements on a monthly and annual basis:
- Balance Sheet: shows what the company has (assets), what it owes (liabilities) and how much capital it has.
- Income Statement: reflects the income, costs and expenses, as well as the profit or loss for the period.
- Cash Flow Statement: reveals the company's ability to generate and manage cash, distinguishing between operations, investment and financing.
These reports must be up-to-date, complete, and in a comparative format (current month vs. previous months or the same period last year).
2. Supporting accounting reports
In addition to the financial statements, it is essential to have detailed information:
- Trial balance: to verify that the accounting balances are correct.
- Key Account Assistants: customers, suppliers, banks, taxes payable and receivable.
- Bank reconciliations: to ensure that accounting records match bank statements.
3. Minimum financial indicators
You don't need to be a financial expert to understand them; an accountant can explain their meaning:
- Liquidity: the company's ability to cover its short-term debts.
- Profitability: percentage of profit on sales or investment.
- Indebtedness: level of debt compared to equity.
- Cash cycle: how long it takes for the company to convert sales into cash.
4. Tax compliance
The entrepreneur must ensure that the accountant provides evidence of:
- Tax returns filed and SAT receipts.
- Tax payments (ISR, VAT, withholdings).
- Positive tax compliance opinion.
- Control of CFDI issued and received.
5. Information for decision-making
Accounting should not only show numbers, but also answer strategic questions:
- What are the most profitable products or services?
- What expenses could be reduced without affecting operations?
- Does the company have enough cash flow to grow or does it need financing?
- How do taxes impact net income?
Conclusions
The relationship between business owners and accountants should be transparent and based on clear and useful information. The minimum requirements are: Financial statements, supporting accounting reports, key indicators and verifiable tax compliance.
An entrepreneur who masters these points can identify risks early, make informed decisions, and grow with greater confidence. Remember: Accounting is not just a tax requirement, it is the financial compass of the business.
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