

Most business owners don’t dive into entrepreneurship because they are excited about the accounting process, but a basic understanding of accounting sets a successful business apart from those that struggle. Fortunately, many places and people are willing to help you learn, including your accountant, your bookkeeper (if you employ one and don’t do the books yourself), as well as the resources at SCORE.
Your balance sheet helps you understand the relationship between your income and your expenses, so you can maintain profitability. This document will help you become a profit expert in your business because it will allow you to work with your business’ financial numbers to build a workable balance. This incredibly powerful tool not only tells you where you’ve been but will help you forecast the future.
How will the year's operations affect assets, debts, and owners’ equity? For example, if you are planning significant sales growth in the coming year, go through the balance sheet item by item and think about the probable effects of assets.
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