She Means Profit

It’s Time To Run A Variance Report!

January 16, 2023 Melissa Houston Episode 131
She Means Profit
It’s Time To Run A Variance Report!
Show Notes

“Variance reports are essential for any business that wants to stay on top of their finances.”

—  Melissa Houston

Having a business financial plan is essential — but you also have to monitor your results against that plan, each and every month, in order to understand how to create profit in your business. 

This is the reality: if you’re NOT monitoring those results, then you are out of the loop when it comes to the financial health of your business… and you won’t be able to make the informed course corrections that will get you back on track when you begin to fall behind your goals.

A variance report is an analysis tool that allows you to compare your actual business results with your budgeted figures or standard performance levels for specific periods, such as months or quarters. Listen now to learn why completing monthly variance reports is VITAL to running your most successful and profitable business!

In‌ ‌this‌ ‌episode,‌ ‌you’ll discover:‌ ‌

  • How to create a variance report for your own business — and how to analyze the results 
  • A real-life example of how I use variance reports in my own business 
  • My #1 recommendation for accounting software that will scale alongside your business


Highlights:‌ ‌

00:49  Intro

02:34  Business plans & forecasting

04:59  QuickBooks

06:31  What is a variance report?

07:36  Variance report example #1

10:43  Variance report example #2

11:28  Why use variance reports?

13:15  How to create a variance report

15:31  Money mindset

16:24  Conclusion

18:09  Cash Confident


Links:‌ ‌  

Cash Confident program 

Cash Confident: An Entrepreneur's Guide to Creating a Profitable Business 


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