Financial Statements – Page 2 – DougFreemanCPA.com

Using your financial statements during an economic crisis

Accounting, Assets, Business Expenses, COVID-19, Entrepreneurs, Financial Statements, Small Business / Douglas Freeman

The economic fallout from the coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for the information you need to make rational, reasonable moves is your financial statements. Under U.S. Generally Accepted Accounting Principles, these typically comprise a statement of cash flows, a balance sheet […]

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5 ways to strengthen your business for the new year

Budgeting, Business Plan, Financial Statements, Insurance, Small Business, Strategic Business Planning, Tax Planning / Douglas Freeman

The end of one year and the beginning of the next is a great opportunity for reflection and planning. You have 12 months to look back on and another 12 ahead to look forward to. Here are five ways to strengthen your business for the new year by doing a little of both: 1. Compare

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Is it time to hire a CFO or controller?

Bookkeeping, CFO, Controller, Financial Statements / Douglas Freeman

Many business owners reach a point where managing the financial side of the enterprise becomes overwhelming. Usually, this is a good thing — the company has grown to a point where simple bookkeeping and basic financial reporting just don’t cut it anymore. If you can relate to the feeling, it may be time to add

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Is your accounting software living up to the hype?

Accounting, Bookkeeping, Financial Statements, Small Business / Douglas Freeman

Accounting software typically sells itself as much more than simple spreadsheet or ledger. The products tend to pride themselves on being comprehensive accounting information systems — depending on the price point, of course. So, is your accounting software living up to the hype? If not, there are a couple of relatively simple steps you can

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Financial statements tell your business’s story, inside and out

Accounting, Bookkeeping, Financial Statements / Douglas Freeman

Ask many entrepreneurs and small business owners to show you their financial statements and they’ll likely open a laptop and show you their bookkeeping software. Although tracking financial transactions is critical, spreadsheets aren’t financial statements. In short, financial statements are detailed and carefully organized reports about the financial activities and overall position of a business.

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