09 Jun Making Your Lightspeed Bookkeeping More Accurate and Effective
For those in the powersports industry, Lightspeed accounting software provides niche features that make bookkeeping and inventory management simpler and easier. And while the specialized nature of this accounting software is ideal for use in the powersports industry, it does make it difficult to find an accountant that understands the software and your industry well enough to provide the assistance you need.
That’s where we come in. The Accounting Guys are the only certified Lightspeed accountants in the country, so we can help to ensure that your books in Lightspeed are accurate. But, more importantly, we can provide you with accounting services that help you to make your books an effective tool for growing and improving your business. For our clients that use Lightspeed, we can provide a complete financial package that includes all of the following information.
YTD Financial Summary
This first section of your financial package provides you with a snapshot of your financials, including your balance sheet, profit and loss statement, and cash flow statement. By compiling this data in a clear and easy-to-read printout, you can begin to get a feel for how one financial statement impacts the other while also pinpointing areas that need further examination to check for accuracy.
Financial Ratios and Trends
The financial ratios on your balance sheet show how your company has performed over a period of time, which can help you to better grasp your financial stability. Items such as your debt-to-equity ratio and net profit margin can help you to determine how effectively you’re turning your revenue into actual profit.
Comparative Balance Sheet and P&L
It’s important to understand how your business’s performance has changed over time, which is why we include both a comparative balance sheet and a comparative profit and loss statement in your financial packet. The comparative balance sheet compares to the previous year, while the comparative P&L statement shows three different comparisons:
- Current month vs. the same month last year
- Current quarter vs. the same quarter last year
- This YTD vs. last year’s YTD balances
This helps you to spot the trends in sales, costs, and expenses, as well as to pinpoint areas that can be improved upon to increase sales or decrease expenses. By having different lengths of time to compare to, you are better able to understand your business’s current upwards or downwards trend.
Rolling Profit and Loss
This is a favorite feature for business owners and managers in the powersports industry. A rolling profit and loss statement allows you to quickly track trends in your business over the last 12 months. You can more easily pinpoint accounting posting errors and irregular sales or expenses causing large swings in your income.
Statement of Cash Flows
Oftentimes, your financials will show that you have income, but you’re still finding yourself short on cash. The statement of cash flows helps you to see exactly where the cash is going. This might include income recorded as sales but left unpaid, or a massive change in your accounts payable. Wherever your cash is going, this statement will help you find it.
If you use Lightspeed accounting software for your powersports business, The Accounting Guys can help you to significantly improve the accuracy of your books and help you use them to grow your business. If you’re looking for an experienced Lightspeed accountant, The Accounting Guys are the only business in the nation that is certified to help you.
Contact us today to learn more about our financial packet especially for businesses in your industry. We can also provide consultation services to help you to review and better understand these statements, as well as how to use them to make key decisions to drive business growth. Give us a call to schedule an appointment!