277: What You Need To Know About Your Balance Sheet Whether You Are Starting A Business Or Side Hustle, A Solopreneur, Entrepreneur, Mompreneur, Freelancer, Bookkeeper, VA, Owner, Or Self-Employed

2025-02-12

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As a business owner, you’ve more than likely heard about how important it is to review your financial statements. When most business owners think about their financial statements, they think about their income statement or their profit and loss report. It’s essential to keep an eye on this report, but what you may be missing is how critical it is to your business to keep an eye on your balance sheet as well. Your balance sheet and your income statement go hand in hand. In today’s podcast episode, I’m diving into the balance sheet so that you can understand what it tells you about your business and why it is so important to make sure that your balance sheet is accurate before having your tax return prepared. Whether you are starting a business or side hustle, you’re a self-employed individual, a solopreneur, entrepreneur, mompreneur, freelancer, small business owner, a remote, virtual, online, or in-house bookkeeper, or a virtual assistant or VA, taking the time to understand how to read and interpret your balance sheet will help you make smart business decisions and build your confidence along the way. These tips are essential whether you are using a computerized software system like QuickBooks, Xero, Wave, or FreshBooks for your business finances; or doing your bookkeeping manually with an Excel spreadsheet or even a Google Document…

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