| The second quarter of the calendar year just ended, and it’s time to analyze the first half of 2022. There may still be a few accrual adjustments to enter for June; just don’t wait too long to compare your first-half results to your budget. |
| There are natural times in the year when we should do different types of analyses of our records, and every business will have its milestones. It’s obvious to do year-end tax reporting and whole-year analysis after the first of the year. There is usually enough information, and enough time has passed, to compare actual information to the budget at the end of each quarter. It’s also not a bad idea to do this after each month. Some businesses are of the type to do weekly reporting on some items, and we, at Red Wing Software, do a daily sales analysis. Even though timing can make this level of detailed reporting a little ambiguous, it helps us know where we are throughout the month to help meet our monthly goals. |
| Whatever schedule you use to analyze your business depends on the nature of your operation, and it’s important to stick to a schedule so if trends are heading in the wrong direction, you’re aware of it early. |
| I hope everyone had a happy and safe Independence Day, and to our friends up north, a Happy Canada Day. |