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Balance Sheet – It’s Important
By Heather Cozby & Christine Bruno
If you ask most small business owners which financial statement do they most rely on - the balance sheet or the income statement, almost all will answer the income statement. The income statement makes sense; revenue earned less expenses incurred equals money the company made.
The problem with only looking at the income statement is that it very well may be giving you incorrect information for which to base your business decisions on. If the balance sheet is not correct, than the income statement is not correct. It is worth the time to walk through your balance sheet with your accountant to understand what the numbers, and the statement as a whole, mean to your business.
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