BEST PRACTICES: 1 & 2 Go Hand-in-Hand
Having a reference book on Financial Statements is great for both a new and experienced business owners, finding a good reading book that is truly helpful to your business, is a whole separate thing.
We’ve been recommending this book for more than 10 año: Understanding YOUR Financial Statements by Jim Schell. Why do we recommend it? It’s short, to the point, y no escrita por un contador o tenedor de libros, sino más bien por un hombre de negocios,en.
Schell is fresh and down-to-earth explaining financial definitions that bankers like to toss around. Es útil que da una idea de desarrollar sus propios estados financieros, and how and when to review them. Mejor de todo, the book gives great tips on how to apply the number column information to your business. Es útil no sólo para la preparación de impuestos y obtener préstamos, but it’s solid information on how to determine where you’re making money and where you’re losing money. AND!!!! better yet — it’s only 75 pages long, easy to flip through to find exactly what you need. Mientras que usted puede leer muchos ya, more in depth books in your business owner life, this is one that you’ll keep handy and refer back to often.
One of the big points Schell drives home, is that being a business owner is often isolating and when it comes to finances no business owner should be alone. There are a few key people that can be excellent advisers including your banker and your CPA. Commit yourself to sitting down with them several times a year to look at your financial statements. Schell suggests that after you pay those June 15 Quarterly Taxes, make an appointment to review the first half of the year with your banker or CPA. Esa revisión rápida de sus números, can help tune up a problem that is a mini-snowball now, but could become an avalanche by the end of the year. Es también el momento perfecto para conseguir una cierta penetración en cualquier compra importante o reparaciones que requeriría una gran inversión de capital.
So, Best Practice #1: Leer el libro Understanding YOUR Financial Statements, and keep it handy, que es una referencia útil.
Best Practice #2: Make a commitment to review your financial statements halfway through the year with your banker or CPA.
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