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Mar 11, 2016 at 05:10 PM

How to use your Financial Stements as a Guide to Profits

By John Richardson

Many small businesses lose money because they don't keep, or understand, their financial statements.

As part of our monthly workshops our panel of SCORE Counselors set down with over 28 attendees and answered the following questions:

A question often ask is what is the difference between the CASH and ACCRUAL basis of accounting and which method should I be using?
How do I tell if I am spending more than I am making?
What does the cash cycle of a business mean?
Why is it important that the calculation of your “Cost of Goods” is accurate
Why is it important you review your P/L financial data for at least the last six months
Why is it important to establish a line of credit rather than getting loans
Where do most clients have the most trouble, or even fail, in terms of their financials.
I understand that financials are important measures of the past activity. What can help me see where I am going.
How much time should I be spending on my financials/books, and where should I direct my focus

If you are interested in receiving notices of our workshops, please fill out the contact us form.

Posted in Small Business Financing.

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I was in need of information and specific instructions regarding the incorporation of my business. Walt took the time and met with me a number of times. Helping me through the entire process, he made the time to exactly explain the impact of these steps.
Edward Dent, Owner
Chelsea Design and Fabrication