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Taking The “Scary” out of Business Financial Statements

Halloween got us thinking, does thinking about your income statement send shivers down your spine? Are you spooked by the thought of updating your balance sheet? Is reviewing your cashflow a nightmare?

Don’t be frightened! These are your business financial statements and crucial to understanding your business. If reviewing your business statements feels like gazing into a crystal ball, then here are some tips to help face your fears.

Let’s be clear, these are YOUR numbers and they matter to the success of your business. Even when you hire a professional, you should know your numbers at every turn to be sure you are on the right track with your business growth.

Choose a financial statement processing system that works for you. No, they are not created equal, so you should do your research to find the one that is user friendly to your liking.

Do not comingle your accounts! Keep your business transactions separate from your personal transactions. If you make a purchase for personal use in your business account, be sure to document the transaction and the reimbursement you provided from your personal account. Comingling can cause issues when it is tax season.

If you just cannot seem to handle the pressure of reading and understanding balance sheets, seek the help of a professional and be willing to pay the price. When it comes to hiring a professional financial associate, research and find one that suits your business acumen. They should be able to not only show you the balance sheets, but also train you how to read them so you can understand the factors effecting your bottom-line.

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