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Why is that? Well, very simple. Let's put it that way. The role and duties of your financial statements of your company are to describe the financial status or rather the financial health of my business. So how on earth as a business owner, is it even possible to ignore the health of your business whilst your very purpose is to expand into a strong and solid business.
The more frequent your financial statements are published or established - it can be annually (this is the minimum and mandatory), quarterly or even monthly, depending upon what your arrangement with your creditor might be.
No need to become an accountant though. Just be aware of what your accountant is revealing to the public whenever he or she puts down on paper the records of your business. I will not repeat it enough. Business Finance goes hand in hand with Business Management. You cannot separate them. This is also one of the key elements of your Business Plan. As whether you have a long standing business and have been running your company for many years or whether you have just started as a start-up, I'm sure you will recall that the part in finance is vital to a good and solid Business Plan.
As you already know, there are 3 main financial statements that your accountant produces: the income statement or profit and loss statement, the balance sheet and the cash flow statement and each of them tells the story of your business. They tell a different story each: your the income statement or profit and loss statement tells about your performance, the balance sheet tells about the financial strength of your business and the cash flow statement exposes how much spare cash remains in your business after all expenses are paid.
The day you can talk about your finances with so much confidence and comfort, you will feel so much empowered you will no longer fear engaging a discussion with your banker or your accountant. You will know exactly what to tell them to get what you want.
Business Finances Made Easy's mission is to help business owners get additional funding and become more confident with their finances.The more frequent your financial statements are published or established - it can be annually (this is the minimum and mandatory), quarterly or even monthly, depending upon what your arrangement with your creditor might be.
No need to become an accountant though. Just be aware of what your accountant is revealing to the public whenever he or she puts down on paper the records of your business. I will not repeat it enough. Business Finance goes hand in hand with Business Management. You cannot separate them. This is also one of the key elements of your Business Plan. As whether you have a long standing business and have been running your company for many years or whether you have just started as a start-up, I'm sure you will recall that the part in finance is vital to a good and solid Business Plan.
As you already know, there are 3 main financial statements that your accountant produces: the income statement or profit and loss statement, the balance sheet and the cash flow statement and each of them tells the story of your business. They tell a different story each: your the income statement or profit and loss statement tells about your performance, the balance sheet tells about the financial strength of your business and the cash flow statement exposes how much spare cash remains in your business after all expenses are paid.
The day you can talk about your finances with so much confidence and comfort, you will feel so much empowered you will no longer fear engaging a discussion with your banker or your accountant. You will know exactly what to tell them to get what you want.
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