Statement of Cash Flows Written By Geoff Burns What is a Statement of Cash Flows? For bookkeepers, accountants, and other financial professionals, it is one of the three, core reports used to help paint the business’ financial picture. To many business owners and entrepreneurs, it is still a core report, but the information is often […]
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The Balance Sheet Written By Geoff Burns Who doesn’t like a good ALE? Ok, bad joke. For accounting professionals, ALE is the accounting equation which is A=L+E, or Assets = Liabilities + Equity. But what does that mean, and why is it so important? While most business owners have heard of the ALE accounting equation,
The Income Statement Written By Geoff Burns In my previous article, I briefly reviewed the basics of the most common financial reports. If you missed it, you can read it here. Today I am going to dive deeper into the Income Statement. Often referred to as the “Profit and Loss,” the Income Statement is a
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Understanding Your Financial Reports Written By Geoff Burns Whether you are a small business owner, entrepreneur, or nonprofit leader, you need to use financial reports to evaluate your fiscal position. Unfortunately, even for seasoned leaders, most people don’t fully understand how their reports are generated, how to tell if they are accurate, what they mean,
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What is financial freedom? To some it is the ability to travel. To others, it may simply be knowing that the bills are all paid. I think for many of us, financial freedom looks like spending time with family, ordering some takeout from time to time, and knowing that you will be able to have
