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Financial statements play a vital role in providing insights into the financial health and performance of a business. However, for non-accountants, deciphering these statements can seem like a daunting task. Here we explain the big three financial statements: the balance sheet, income statement, and cash flow statement. Knowing a bit more about each can help you more deeply understand the information your accountant shares with you.
Starting a successful small business requires a unique combination of personality traits. While everyone's entrepreneurial journey is different, certain mindsets tend to be advantageous for small business owners. Here are some key personality traits that can help individuals thrive when starting their own business:
Starting a small business takes vision, leadership, passion, and a strong work ethic. Effective accounting practices often don't make that list, even though they are vital to a company’s success. Navigating the complexities of accounting can be challenging, especially for business owners who lack a background in finance. To help you steer clear of potential pitfalls, consider the most common accounting mistakes small businesses should avoid.
Hiring an accountant is a great first step to ensure financial success, whether for your business or personally. Now stop and think about what you want to get from this relationship. What are your financial goals? What does your accountant have to offer? What’s the best way to communicate these ideas effectively?
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