As a new business owner, you may feel like you need to understand what each line and item number on your financial reports is for but I believe the key is to understand what question each statement answers for you.

 

I'm unpacking the profit and loss sheet, balance sheet, and cash flow statement. Think about it in terms of a weight loss goal; if your profit and loss are like a food and exercise log, your balance sheet is a weigh-in, and your cash flow is your metabolism.

 

* Related episodes:

197. Manifestation Mastery with Angela Christian

200. Setting and Exercising Effective Boundaries with Woodrie Burich

205. Lessons From 120 Women Leaders with Julia Boorstin

 

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* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html

 

The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.