financials – Think Beyond the Desktop

Basic Financials 101 – Part 2: The Balance Sheet Report

Basic Financials 101 – Part 2: The Balance Sheet Report In Part 2 of our Basic Financials series, we’ll cover the Balance Sheet Report This article is an easy to understand guide to provide you with a better understanding of how to gauge your business’ financial health. Why It’s Important for your Business Of the financial reports that you should familiarize yourself with, the Balance Sheet Report is arguably one of the most essential. This report is an indicator of the financial health of your business at a specific time - usually at the end of a month, quarter, or year. Basically. It gives you an overview of your business’ net worth. When trying to secure financing or outside investors, this report shows your ability to meet financial obligations as well as investments made into the business by partners or [...]

Basic Financials 101 – Critical Information for a Small Business Owner

Basic Financials 101 - Critical Information for Small Business Owners I remember a few years back, meeting with a new client who insisted he didn’t need me to provide him monthly financial reports, saying “If I’m making money on every job, and there’s cash in the bank, then I must be profitable!” ... Dude. This attitude is one reason that more than 50% of new small businesses are hard pressed to make it past their first couple of years. Even after managing the accounting for SMB’s for nearly 20 years, I am still amazed at how many don’t clearly understand the importance of basic financial reports. After running into this problem enough times to want to scream from the rooftops, I took some time to reflect on why this might be the case. As it turns out, the most common [...]

By Judie|November 30th, 2017|Categories: Business Planning, Grow your Practice|Tags: account reconciliation, basic financials, bookkeeping, business, cash flow, comminucations, critical information, financial records, financial statements, financials, general ledger accounts, journal entry, profit, profit and loss report, small business, small business owner|0 Comments