Business Library

Welcome to the Shell LiveWIRE Business Library! Are you just starting up? Thinking of scaling? Choose a Business Stage from the menu below to find information appropriate to your current situation. Alternatively, you can use the search tool to look for specific topics.

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Understanding Financial Statements

Small business owners and start-ups need to be able to understand finance; leaving everything to an accountant is easy, but isn’t practical.

Financial Statements

Accounting simply follows the money flowing within, to, and from, a business. It is important to remember that the accounts reflect the finances of the business, not of the owner(s).

Profit and Loss Account (P&L)

A profit and loss account (P&L) shows a business' trading results over a given period of time, eg weekly, monthly or yearly.

Balance Sheet

A balance sheet details your business' assets and liabilities, and shows the financial state of your company at a specific point in time.