Make sure your making a profit
Profit is the main figure you should focus on in any business as if there is no profit, then whats the point, here are some basic forms you should have in place to make sure you keep making money well profit.
Complete these monthly and at the end of the financial year will give you a snapshot of your financial health:
Balance statement Your balance sheet will show the financial health of your business on any given day. It will tell you what your business is worth.
Profit and loss statement Your profit and loss statement will show your business’ income and expenses over a period of time. It will let you know if your income is no longer meeting your expenses.
Cash flow statement Your cash flow statement will show money coming into and going out of your business for a set time period.
Complete these monthly and at the end of the financial year will give you a snapshot of your financial health:
- Balance sheet
- Profit and loss statement
- Cash flow statement
Balance statement Your balance sheet will show the financial health of your business on any given day. It will tell you what your business is worth.
Profit and loss statement Your profit and loss statement will show your business’ income and expenses over a period of time. It will let you know if your income is no longer meeting your expenses.
Cash flow statement Your cash flow statement will show money coming into and going out of your business for a set time period.
