Your business’s 2024 recap | What Your Financial Reports Are Trying to Tell You
Why You Should Read Your 2024 Financial Reports Now
As the new year kicks off, there’s no better time to dive into your 2024 financial reports. Whether you’re a podcaster, photographer, tattoo artist, coach, travel agent, beauty professional, or part of the wedding industry, your financial reports hold the key to making 2025 your most profitable year yet.
Why Your Financial Reports Matter
1. See What’s Working (and What’s Not)
Your financial reports tell the story of your business. They’ll show you what brought in money last year—whether it was a new marketing campaign, an online course, or an increase in client referrals—and where you might need to make changes.
2. Spot Financial Leaks
Think of your reports as your business’s financial audit. Are you spending too much on subscriptions you don’t use? Are certain expenses eating away at your profits? Reading your reports now means you can plug those leaks before they drain your 2025 potential.
3. Set Realistic Goals for 2025
Whether you want to grow your client base, increase revenue, or cut down on unnecessary expenses, understanding your 2024 financials ensures you’re building on a strong foundation—not wishful thinking.
How to Read Your Financial Reports Without Feeling Overwhelmed
1. Start with the Big Three
• Profit & Loss Statement (P&L): This shows how much you earned, spent, and saved.
• Balance Sheet: This gives a snapshot of your assets, debts, and equity.
• Cash Flow Statement: This tracks how money moved in and out of your business.
2. Spot Yearly Trends
Compare your 2024 reports to the past couple of years to identify patterns:
• Did revenue grow or plateau?
• Were expenses consistent, or did something spike unexpectedly?
• Is your cash flow steady, or is it giving roller-coaster vibes?
3. Break Down Expenses
Look closely at each category to see where your money went. Pay attention to:
• Marketing: Did those ad campaigns generate enough ROI?
• Supplies: Are you overspending on things that don’t add value?
• Travel & Events: Did those conferences or trips actually help grow your business?
4. Benchmark Yourself Against the Industry
Use these general benchmarks to gauge how you’re doing:
• Marketing: 5-10% of revenue
• Operating costs: 30-40%
• Owner’s pay: 20-30%
If your numbers are way off, don’t panic—it’s just a sign to adjust.
5. Set Clear Goals for 2025
Let your financial reports guide you:
• Boost revenue by focusing on top-performing services.
• Trim unnecessary expenses to increase profitability.
• Allocate more resources to areas that drive growth, like marketing or training.
Why Businesses Across Industries (and States!) Love Us
At Beyond The Ledger, we’re not just number crunchers—we’re your financial BFFs. We specialize in helping service based businesses, beauty professionals, freelancers, e-commerce businesses, podcasters, photographers, wedding pros, tattoo artists, travel agents, and more get crystal clear on their finances.
While we’re based in Denver, Colorado, we serve clients across the U.S. and Canada with remote services tailored to your needs. Whether you’re running a creative side hustle or scaling a full-time business, we help you keep your books in order, spot opportunities, and hit your goals.
Let’s Make 2025 Your Best Year Yet
Your financial reports are more than just boring spreadsheets—they’re the roadmap to growing your business. Taking the time to review them now will save you from surprises later and help you hit the ground running this year.
Feeling stuck? We’ve got your back. Let’s review your numbers together and set you up for success.
📍 Based in Denver, serving businesses across the U.S. and Canada.
🔗 Ready to dive in? Reach out today to get started! Your most profitable year is just a click away.
