Running a small or medium-sized business in Vancouver? Then quarterly financial reviews should be on your radar. These reviews not only provide a snapshot of your financial health but help keep your strategy aligned with business goals throughout the year.
What Is a Quarterly Financial Review?
A quarterly financial review is a scheduled analysis of your business’s financial statements and performance. It helps business owners stay on top of their budgeting and forecasting and allows for strategic adjustments as needed.
These sessions often include reviewing:
- Income statements and balance sheets
- Cash flow trends
- Budget vs. actuals
- KPIs and profitability ratios
- Tax obligations and opportunities
Why Are Quarterly Reviews Important for SMBs?
Unlike annual reviews, quarterly financial checkups allow for real-time adjustments that can significantly improve long-term outcomes. Benefits include:
- Proactive Decision-Making: Spot issues early and pivot faster
- Tax Planning: Avoid year-end surprises with better oversight
- Cash Flow Management: Smooth out seasonal trends and anticipate dips
- Stakeholder Confidence: Gain trust from investors and lenders with clear, current data
Need help? Our bookkeeping professionals support small businesses with timely and accurate reporting every quarter.
How to Prepare for a Quarterly Review
To make the most out of these reviews, preparation is key. Here’s how to gear up:
- Gather bank statements and receipts
- Reconcile accounts with your accountant
- Prepare financial statements and variance reports
- Review industry benchmarks for comparison
Tools like cloud accounting software can simplify this process by offering real-time access to your financial data and integrated performance dashboards.
What to Expect in a CPA-Led Quarterly Review
Partnering with a Chartered Professional Accountant gives you deeper insight. Your CPA will:
- Identify trends that require strategic adjustment
- Highlight tax-saving opportunities
- Suggest financial process improvements
- Update forecasts based on new developments
At Judi Wang, CPA, CGA, we tailor our quarterly financial review services to align with your goals—whether that’s scaling up, surviving a slow season, or preparing for year-end compliance.
Connect Financial Reviews with Broader Strategy
Quarterly reviews shouldn’t exist in a vacuum. They should connect directly to your overall strategy. For instance, reviewing quarterly numbers can uncover new budgeting strategies, as discussed in our article Creating a Business Budget That Actually Works.
Ready to schedule your next quarterly review? Let our experts help you stay on track and gain financial clarity all year long.