Tracking Your Critical Numbers
Start with the Basics
As we get started, let's do a review of the basic financial documents that track the flow of money within your company.
Most critical numbers live on these documents.
Balance Sheet: This is a cumulative document that lists your company's assets and liabilities, among other numbers, from the time you started your business. Reviewing your balance sheet gives you a quick handle on the financial strength and capabilities of your business.
Income Statement: Also known as the profit and loss statement, or P&L, or statement of operations, this document lists your company's income (revenues or sales), minus your company's expenses, and it shows you the profit or loss over a specific period of time.
Cash Flow Statement: A cash flow statement helps you stay on top of how much money came and went through the business for any period of time. This document is critical because it helps you understand why, even if your company appears to be turning a profit, you don't have much money in the bank.
Source: Inc
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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