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No . I am engaged in a service company whose goal is not to make profits
Simply review the project progress report with concern project manager, and tally the invoice with AR & AP.
But in large bussiness you may use many oracle base software to fix this issue with a time frame.
Thanks for invitation,
I do recommend to use a "Budgeting System" as an excellent tool not only for control, but also to be fully aware of any deviation that are needed to be handled immediately.
Checking bottom line on monthly basis is crucial but not enough. Depending upon the nature of business crucial areas must be analyzed via variance analysis along with possible reasoning. Future impact needs to be evaluated for controlling purpose.
Prepare Financial Statements on monthly basis and do the monthly financial variance analysis along with the business performance comparison.
I'd like check every month business earning in Bank account or that money if it is taxable or how to utilize next month to shave tax..best advantage of the cash flow from the operation of business operation..