Financial Statements record the performance of your business and allow you to diagnose its strengths and weaknesses by providing a written summary of financial activities. There are two’ primary financial statements: the Balance Sheet and the Statement of Income. The Balance Sheet The Balance Sheet provides a picture of the financial health of a business…
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Balance Sheet Categories Assets: An asset is anything the business owns that has monetary value. Current Assets include cash, government securities, marketable securities, accounts receivable, notes receivable (other than from officers or employees), inventories, prepaid expenses, and any other item that could be converted into cash within one year in the normal course of business.…
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This manual introduces the tools required to prepare a financial plan for your business’s development, including the following: Basic Financial Statements–the Balance Sheet and Statement of Income Ratio Analysis–a means by which individual business performance is compared to similar businesses in the same category The Pro Forma Statement of Income–a method used to forecast future…
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Very simply stated, financial management is the use of financial statements that reflect the financial condition of a business to identify its relative strengths and weaknesses. It enables you to plan, using projections, future financial performance for capital, asset, and personnel requirements to maximize the return on shareholders’ investment. Kim Beckershey, I’m Kim + I…
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