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Understanding Financial Statements

Mon, 29 July 2002

Small business owners and start-ups need to be able to understand finance; leaving everything to an accountant is easy, but isn’t practical.
The basics of finance are worth a bit of effort to learn and understand, as you can glean invaluable business information.


Effective control requires effective planning and target setting but it also requires an understanding of financial statements and an ability to interpret the figures. This, and the subsequent Related Posts below, explain:
  • profit and loss accounts;
  • balance sheets;
  • cash flow statements; and,
  • the relationship between the financial statements.
The information in this section is intended as a starting point only. We would recommend that you contact your Business Adviser if you are in any doubt about the topics.

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