As a new business owner, you may feel like you need to understand what each line and item number on your financial reports is for but I believe the key is to understand what question each statement answers for you.

I'm unpacking the profit and loss sheet, balance sheet, and cash flow statement. Think about it in terms of a weight loss goal; if your profit and loss are like a food and exercise log, your balance sheet is a weigh-in, and your cash flow is your metabolism.

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.