Unless you have spent years studying bookkeeping and accounting, looking at financial statements probably makes your eyes cross and makes your head hurt.
But it doesn’t have to be that way…I’m gonna give you the lowdown.
What to look for when reviewing your numbers aka your financial statements.
Let me start with asking you a question… did you know that there IS a difference? The difference between bookkeeping and accounting.
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Are you where you want to be in your business? Are you still sitting at the kiddie table? Or have you and your business grown up?
If you’re still at the kiddie table and you want to play with the big boys (and girls), it’s time for your business to grow up. Otherwise what’s the point?
As promised, let’s continue the modified cash basis conversation that we started over here in the Accounts Receivable 101 convo…
If you want a better picture than a cash-basis** financial statement can give, in additional to tracking what your customers owe you (accounts receivable), you should track what you owe your vendors and suppliers (accounts payable).
Want to get a better handle on your business’ cashflow? Here are the basics of invoicing and accounts receivable for the non-accountant (and newbie bookkeeper).
I see it all the time. New business owners want to get paid so desperately that they don’t set up a proper invoicing and income tracking system… namely “accounts receivable”. (more…)
