Ep26: 5 Tips on Reviewing Financial Statements for Small Business Owners

Financial statement review is an important task of a business owner but sometimes it is challenging to do it on a consistent basis when you don’t know what you should be looking at or reviewing. In this episode I am sharing five tips to help business owners review their financial statements consistently and understand what the numbers are saying about their business.
Key points:

1. Reviewing income statements in a month by month view

2. Comparing performance to goals and targets

3. Identify financial ratios that are important to your business

4. Review balance sheet in comparison to previous period

5. What do look at in your cash flow statement

Mentions:

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Financial Ratios - https://www.netsuite.com/portal/resource/articles/financial-management/small-business-financial-ratios.shtml

Understanding Your Financial Statement Course: https://thebessentials.teachable.com/p/understanding-your-financial-statements