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While finances can be intimidating, they’re the backbone of all successful businesses. Whether you are attempting to access funding, looking to cut costs or just checking if a business idea is financially viable.
Once a business is operating, an income statement is useful to monitor company revenue, expenses and net profit. It shows whether the business is profitable.
The balance sheet consists of assets and liabilities. The value of each is calculated and then what is owned is subtracted from what is owed to find the net worth of the business.
The cash flows statement shows how much cash is on hand and how cash is being spent at any given time.
There are many other financial tools that are useful to keep your business in good financial standing. Leverage ratios, liquidity ratios and profitability ratios are a few of the many out there.
Cash Flow Template
Downloadable Cash Flow Template
Financial ratios to evaluate performance
Helping small businesses get loans
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