If your accounting system is specifically tailored to your unique trade business a balance sheet will be a tool you will require often. Tradie Bookkeeping Specialists are experts in tailoring your accounting software system to you and your Trade business.
In a nutshell, the balance sheet is a summary of all of your business assets and liabilities. What you own and what you owe! The balance sheet will quickly show you how much you would have left if you were to sell all your assets and pay off all your debts. It’s a snapshot in a moment.
A profit and loss report shows you information over a period of time whilst the balance sheet shows you right at the point that you run it.
Accountants pay particular attention to your balance sheet and you as a business owner should also. It is also a valuable report to have on offer for banks, creditors, current or potential investors, suppliers and government agencies. Therefore it is also of high importance that your accounting system is up to date and accurate.
If the information entered into your system is incorrect or incomplete your balance sheet will reflect this information, perhaps to your disadvantage, especially if you are seeking refinance or looking to attract investors.
Let Tradie Bookkeeping Specialists get you set up so that your reporting is accurate and in line with the specifics of your trade business. Using a balance sheet we can help you work out your working capital or how much money you need to financially operate from day to day and the liquidity of your business: how quickly you are able to pay out your current debts. With the help of the balance sheet we can advise you on the exact health of your current business situation.
Important in so many aspects, if you are looking to re-finance or restructure, Tradie Bookkeeping Specialists will be able to guide you through a snapshot view of your options.
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