Monthly Archives: July 2010

Essential Financial Reports for Any Business

Whether you are a new start-up, or an existing business, there are (3) important financial analysis reports you should create  on a regular basis, especially if you are seeking funding for the business:

  • Profit and Loss Statement – This report shows you your income, your operating expenses, and the Net Income or Profit from all your hard work.  Analyzing this report regularly will show where you may be spending too much. 
  • Balance Sheet – This report shows your Assets such as  cash, accounts receivable, inventory, equipment, furniture, building, and land; your Liabilities such as short/long term notes, accounts payable,  taxes, and interest;  and your Equity in terms of invested capital, and retained earnings.
  • Cash Flow Statement  This report shows how your cash position changed over a period of time. It shows the amount of cash earned from profit, where you received additional cash, and where your cash was spent in terms of operating, investing and financing activities.

 Two documents that are particularly helpful for New Businesses are are the Start-Up Costs worksheet where you will estimate the capital you will need to open your doors,  and the Break-Even Analysis which will show the exact point where you will start making profit after covering all of your operating expenses.

These reports and more are built into QuickBooks accounting software.  If you need assistance with managing the financial aspect of your business, please email MJB’s Office Solutions   for assistance.

Help For New and Existing Businesses

Hello Everyone, I know, I have been delinquent in my Blog.  However, SCORE has been my Mentor, and if you are new or and existing business, you need to check out the FREE Counseling and nominally priced Workshops!

Sincerely,

MJB’s Office Solutions

infomjbs@mjbsoffice.net

http://www.vcstar.com/news/2010/jul/20/bill-would-let-credit-unions-increase-loans-to/

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