KNOWING YOUR FINANCE STATEMENTS
Yes we can not all be accountants but if you can even read or have basic knowledge of what consist on you Income Statement, Balance Sheet or Cash Flow Statement, otherwise you are in big trouble. At the same time not knowing your basic finances is one of the reason of why 80% of business fail.
knowing what your business is worth is another item owners should know like the palm of their hands specially when dealing with for investors or applying for a loan.
Dealing with day to day basis knowing your cash flow means to know the picture or snap shoot of your business finances. How much cash you have on hand what is coming in and out. Money is the blood of the business. Cant operate a business without money. To have a good cash flow means having money in the bank, having enough money to pay your bills and cover the checks you have written out.
Understanding your companies finances will help you when it comes to filling your taxes!
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