Balance Sheet
You didn’t start your business or become the head of an organization because you are a financial expert. You are there to grow and succeed. The accounting, bookkeeping and financial aspects of your business are important to how you run your company, but it is time consuming and if not done properly, can lead to more headaches down the road.
Keeping track of your bookkeeping and your financial statements is time consuming and difficult to manage. But most frustrating is understanding and interpreting your financial picture from reports.
Let’s start with your balance sheet. This is a a statement of the assets, liabilities, and capital of a business or organization at a particular point in time. The balance sheet allows you to see what you and your company owns as well as what it owes.
Here is the basic accounting equation:
Assets = Liabilities + Owner’s Equity
The balance sheet outlines your:
- Assets – what you own
- Liabilities – what you owe
- Equity – assets minus the liability
Why do I need a CFO?
You didn’t start your business or become the head of an organization because you are a financial expert. You are there to grow and succeed. The accounting, bookkeeping and financial aspects of your business are important to how you run your company, but it is time consuming and if not done properly, can lead to more headaches down the road.
Keeping track of your bookkeeping and your financial statements is time consuming and difficult to manage. But most frustrating is understanding and interpreting your financial picture from reports. CFOs are responsible for timely and accurate presentations and financial reports in order to capitalize on your growth.
