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The financial statements that you must understand in your business

being aware of every financial statement as a businessman is a must actually, it's preferred to learn about them before even releasing your business so you know how to do it professionally
 
being aware of every financial statement as a businessman is a must actually, it's preferred to learn about them before even releasing your business so you know how to do it professionally
It is a key in helping one to ascertain their level of financial education and apply this knowledge in growing their business to become top notch even where there is competition.
 
Lolz, I don't even understand all this business terms because I didn't do marketing in my high school, if I'm going into a business that means I need to take my time and learn all this thing since it will be necessary in my business.
 
Lolz, I don't even understand all this business terms because I didn't do marketing in my high school, if I'm going into a business that means I need to take my time and learn all this thing since it will be necessary in my business.
Yes actually. You need to have some basic Knowledge of financial market to be able to understand this. But these are the basic things which I think every online earner should know of.
 
Yes actually. You need to have some basic Knowledge of financial market to be able to understand this. But these are the basic things which I think every online earner should know of.
it is not every online business men that will actually know of most of this thing because in the online way of making money all these things are not actually the requirement that is needed to run a successful online business.
 
Lolz, I don't even understand all this business terms because I didn't do marketing in my high school, if I'm going into a business that means I need to take my time and learn all this thing since it will be necessary in my business.
Sure, not knowing these terms would make you to not be able to monitor cash flow in and out of your business and it would be difficult to understand how your spending is.
 
Sure, not knowing these terms would make you to not be able to monitor cash flow in and out of your business and it would be difficult to understand how your spending is.
then that means I need to go and learn about it if I'm thinking of going into business, I like business and I understand that without a proper record keeping in business i will not be able to monitor the business, this is a must for me.
 
The most important financial statement you must understand in your business is Tue loss and profits as this helps to know when the business is doing great and when the business is at loss.
 
The most important financial statement you must understand in your business is Tue loss and profits as this helps to know when the business is doing great and when the business is at loss.
This is truly a key aspect of one's business and lack of proper knowledge about it would mean being presented with so many risk that would cause one to lose out.
 
Indeed I think it is important to have a proper financial statement and also the ability to read and interpret. Another thing is to keep a detailed log of all the transactions, income and expenses accrued over the working days.
keeping details and accurate account of what you are doing in a business is one of the most important thing because without proper details you will not understand anything about the progress of the business, keeping record is very important in business.
 
keeping details and accurate account of what you are doing in a business is one of the most important thing because without proper details you will not understand anything about the progress of the business, keeping record is very important in business.
I completely agree with you. While doing any business you need to be very vigilant. You need to keep an eye on everything like expenditure income management of manpower etc. All in all you have to be a good manager.
 
Generally when someone ventures into a business, one of the most important tasks is the bookkeeper or the accountant that manages and records the finance of the business. If you do not have the necessary skills to take on this task by yourself then you can revert it to another person that your employee, who is experienced and can handle such tasks as well.

Either way, whether you are handling it yourself or giving it to someone else to manage, you have to be able to understand some of the basic financial statement to ensure that you stay up to date with how your business is progressing. The three financial statements that I believe that you need to be versed in are:
1. The balance sheet - this shows yoru assets and liabilities of the business and ensures that there are no discrepancies
2. The income statement showing the expenses and the income of the business
3. The cash flow projection to show how cash is coming into and being spent from the business and may include future predictions as well.

Are there are other financial statements or requirements that you feel that an owner should be well versed in?
Yea all these are necessary for a business owner but you still might not know all these when you’re just starting your business and have to depend on your manager to manage the business but you will learn everything in a matter of time
 
keeping details and an accurate account of what you are doing in a business is one of the most important things because without proper details you will not understand anything about the progress of the business, keeping a record is very important in business.
I agree I think book-keeping is one of the most important things in business and without it, one won't be able to tell what's going on in the business.
 
Those who do not have time to learn about this terms usually hire top accountants to take care of it. They also send their children to business schools so that they can take over the business from them with their knowledge.
 
I completely agree with you. While doing any business you need to be very vigilant. You need to keep an eye on everything like expenditure income management of manpower etc. All in all you have to be a good manager.
it is necessary because without this you cannot track the progress of your business, keeping recording can also help to know when there is high demand for goods or services, and when there is low demands to cut the rate of production.
 
The balance sheet is more important to me since it helps me to monitor how much of my earnings I am spending on assets and also liabilities. It's a good financial management policy.
All of the financial statements that one must understand in his or her business is opening stock and the cost of goods sold with these you can be able to know what is going out of your business and what is actually coming in.
 
Generally when someone ventures into a business, one of the most important tasks is the bookkeeper or the accountant that manages and records the finance of the business. If you do not have the necessary skills to take on this task by yourself then you can revert it to another person that your employee, who is experienced and can handle such tasks as well.

Either way, whether you are handling it yourself or giving it to someone else to manage, you have to be able to understand some of the basic financial statement to ensure that you stay up to date with how your business is progressing. The three financial statements that I believe that you need to be versed in are:
1. The balance sheet - this shows yoru assets and liabilities of the business and ensures that there are no discrepancies
2. The income statement showing the expenses and the income of the business
3. The cash flow projection to show how cash is coming into and being spent from the business and may include future predictions as well.

Are there are other financial statements or requirements that you feel that an owner should be well versed in?
Is a good one for writing out the things we need to know as a business owner,and that will really go a long way for us as we the upcoming business owner in the future tho.
 
Ability to be disciplined when dealing on finance, and never spend lavishly. Instead investing it wisely and never over spend money when it isn't needful.
 
Financial Management is one of the most tasking aspect of business because it is one of the most important things that determines the success of the business.
 
Financial Management is one of the most tasking aspect of business because it is one of the most important things that determines the success of the business.
But it is that much difficult also to manage business. Some people even hire others for this managerial task with higher qualification. Even such degrees are provided by universities which specially deals with management.
 

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