14. Mini-Series: Demystifying Your Financial Statements

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The Accounting Edit

15 episodes

5 days ago

The Accounting Edit is where real conversations meet real numbers. Hosted by two women accounting firm owners, we’re pulling back the curtain on what it’s actually like to build a modern accounting practice—while helping small business owners make sense of their finances. Whether you’re a fellow firm owner, a service-based entrepreneur, or just curious about the behind-the-scenes of running a business, you’ll find honest insights, practical advice, and plenty of moments that make you feel like you’re not alone.

Entrepreneurship

Business

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Entrepreneurship

Business

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14. Mini-Series: Demystifying Your Financial Statements – The Balance Sheet

The Accounting Edit

13 minutes 10 seconds

2 weeks ago

14. Mini-Series: Demystifying Your Financial Statements – The Balance Sheet

In this episode, Aminder Mann and Leah McCool delve intothe intricacies of the balance sheet, a fundamental financial statement for businesses. They explain its components, including assets, liabilities, and equity, and emphasize the importance of understanding how these elements reflect a business's financial health. The hosts also discuss common mistakes made in balance sheet management and provide insights on how to effectively use the balance sheet for informed business decisions.

Takeaways

· A balance sheet is a snapshot of a business'sfinancial position.

· Assets equal liabilities plus equity.

· Understanding the balance sheet helps inassessing financial health.

· Common mistakes include not reconciling accountsand mixing personal with business finances.

· Retained earnings reflect the profits generatedover time.

· The balance sheet connects with other financialstatements.

· Regularly reviewing the balance sheet aids inbetter decision-making.

· Business owners should check their financialhealth monthly.

· The balance sheet is a tool for all businessowners, not just accountants.

· Understanding the balance sheet can change howyou manage your business.

Chapters

00:00 Understanding the Balance Sheet

04:34 Importance of the Balance Sheet for Business Owners

08:08 Common Mistakes in Balance Sheet Management

10:26 Takeaway for Business Owners

Keywords: balance sheet, financial statements,assets, liabilities, equity, accounting, business health, common mistakes, financial management, decision making, bookkeeping

Website: TheAccountingEdit.com

Aminder's Links

Website: sequoia-cpa.com

Instagram: @sequoiacpa

LinkedIn: linkedin.com/company/sequoia-cpa

Leah's Links

Website: orca-accounting.com

Instagram: @orcaaccounting

LinkedIn: linkedin.com/in/leahmccool