The Three Main Financial Statements Are: Balance Sheet (other names include Statement of Financial Position and Net Worth Statement) Income Statement (other names include Profit & Loss Statement, Statement of Operations) Cash Flow Statement (other names include Statement of Changes in Financial Position) I have other blog posts that go Read more
The Balance Sheet, in my opinion, is one of the most underestimated or ignored of all the financial statements. Most business owners focus on the Income Statement and ignore the Balance Sheet. This is a mistake. Sure it is important to know if you are making money or if you Read more
What is an Income Statement? Most business owners have at least heard of an Income Statement or a Profit & Loss Statement. Basically they understand and want to know if they are profitable. If by chance you have not heard of an Income Statement or do not know what it Read more
The Cash Flow Statement is great tool to help a business owner understand where their cash went for a period of time. Understanding your cash position and where your cash is going is essential for ongoing operations. Cash is the lifeblood of any organization. If you don’t have cash you Read more
A Bookkeeper is someone who has the knowledge and understanding of how to record the daily financial transactions of a business. In many cases, a Bookkeeper can prepare Financial Statements for a bank or tax preparer. As a business owner, you are responsible to keep accurate financial records. Many entrepreneurs Read more