When Finding Out Is Too Late!
The time between starting to run your pub and receiving your first year-end accounts can be up to sixteen months. Your results can come as a shock. If your accounts state that you have lost money or have not made as much as you anticipated, it’s too late to change the situation. This is why it is important to have some way of monitoring your performance on a regular basis, allowing you to try to improve things, if necessary, by making adjustments to the way you run your business.
At the start, drawing up a profit and loss report and monitoring your cash-flow on a monthly basis is essential. As you become more established, you may feel that a quarterly profit and loss report is adequate. (Cash-flow should continue to be monitored monthly.) Your accountant or qualified
book-keeper can prepare this information for you if it is not something you are able to do yourself.