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The Business Owner's Guide to Reading and Understanding Financial Statements. How to Budget, Forecast, and Monitor Cash Flow for Better Decision Making

  • ID: 2213004
  • Book
  • 192 Pages
  • John Wiley and Sons Ltd
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Financial statements hold the key to your company′s fiscal health—so learn to read them!

In order to gauge your company′s health—as well as the competition′s—business owners must know how to properly read and understand financial statements. The Business Owner′s Guide to Reading and Understanding Financial Statements introduces managers and entrepreneurs to the various types of financial statements and explains why each is important. Learn the difference between internal and external financial statements and how to use them for financial decision making in order to avoid common missteps.

Whether you′re planning major capital projects or simply managing the fiscal aspects of your department, this nontechnical, results–driven guide will arm you with the fundamentals to:

  • Understand the budget process and why it is important

  • Manage assets and track inventory

  • Gauge profitability

  • Monitor success throughout the year using internal reporting

  • Set prices and make key cost decisions

Don′t shrug off your responsibility in mastering the financial aspects of your company. Understand where your business stands so that you can make informed decisions about its future.

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Preface ix

Acknowledgments xv

PART I USING EXTERNAL REPORTS TO GAUGE YOUR COMPANY′S HEALTH AND COMPETITIVE STATUS 1

Chapter 1 The Key Financial Statements and Their Starring Role 3

Chapter 2 Balancing the Books: Your Assets and Liabilities 25

Chapter 3 Gauging Profitability 49

Chapter 4 Cash Is King 71

PART II USING INTERNAL REPORTING TO MANAGE YOUR PROFITS AND YOUR COSTS 91

Chapter 5 Why Budgeting Is Important 93

Chapter 6 Managing Inventory 107

Chapter 7 Monitoring Customer Collections 121

Chapter 8 Discounts and Special Pricing 133

Chapter 9 Getting a Handle on Manufacturing Costs 141

Chapter 10 Reducing Bill Payouts 153

Conclusion: Using Financial Statements for Decision Making 163

About the Author 165

Index 167

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Lita Epstein
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