The ONE Question you must ask to be confident in your financial statements.
Do you ask this to your financial statements?
Learn importance of asking one simple question to ensure the accuracy of financial statements.
Many hotel owners find themselves in financial messes because they lack expertise in accounting and hire someone without proper accountability. To avoid this situation, the video suggests consistently asking your accountant about the accuracy of the ending balances in each account on the balance sheet. By asking this question, you can ensure that the numbers make sense and that there are no errors in the financial statements. The video provides examples of specific accounts, such as the bank account and accounts receivable, and explains the type of backup documentation your accountant should be able to provide. By asking this question regularly, you can hold your accountant accountable and gain a better understanding of your financial statements over time. The video concludes by encouraging viewers to sign up for weekly videos that provide further guidance on building a strong financial team.