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Cash Flow

Up and Running

Broadly speaking, businesses bring in money through sales, financing, and returns on investments—that’s cash flowing in. The other two, an income statement (also known as a profit and loss statement ) and a balance sheet , complement the cash flow statement and help you see a full picture of your business’s finances. .

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4 Reasons Why You Should Have An Accounting Process In Your Business

YoungUpstarts

by Krystal Russell, CPA at LYFE Accounting. With accounting, you can properly track your company’s sales, expenses, profits and cash flows. If you are not able to set this up, hire a Certified Public Accountant (CPA) to help you through the process. Apart of being a successful entrepreneur is wearing many different hats.

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The Hidden Costs Of Managing Bookkeeping On Your Own. Consider These Tips.

YoungUpstarts

Bookkeeping is a critical responsibility since you are recording all day-to-day financial transactions, including receipts, sales and payments to people, vendors and other companies. You will bring the books to the trial balance stage where an accountant (or you) may prepare the income statement and balance sheet.

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Fortifying Profits: Strategies to Shield Your Business from Embezzlement

Duct Tape Marketing

One is you should have an outside, I mean, obviously there are a lot of people that hire CPA, but they really just say, here's my stuff for the taxes in a lot of cases. And so typically owners are busy, they look at the p and l, but they don't look at the balance sheet or they don't look at a cashflow statement.

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10 Things the Bank Will Ask When You Need a Business Loan

Up and Running

That includes aging, account-by-account information (for checking their credit), and sales and payment history. The balance sheet has to list all your business assets, liabilities and capital, and the latest balance sheet is the most important. CPAs get sued over bad audits. If you had any, you’d know.

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Valuation: Is Your Small Business as Priceless as You Think?

Up and Running

Perhaps you’re preparing for retirement or for a transition to a new owner —whether it involves a single private owner or a sale to employees. Buyers and sellers don’t always agree on what’s valuable and what isn’t, which is why hiring a valuation consultant or a CPA who has experience valuing businesses is a good idea.

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A Simpler Plan for Startups

Up and Running

She might benefit from developing a simple sales and expense forecast , maybe even a profit and loss , so she can plan how to use and develop her resources. She might not need to create detailed cash flow , balance sheet , and business ratios. Can you live without a sales and expense forecast?

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