Many small businesses lose money because they don't keep, or understand, their financial statements. 

As part of our monthly workshops our panel of SCORE Counselors set down with over 28 attendees and answered the following questions: 

  • A question often ask is what is the difference between the CASH and ACCRUAL basis of accounting and which method should I be using? 
  • How do I tell if I am spending more than I am making? 
  • What does the cash cycle of a business mean? 
  • Why is it important that the calculation of your “Cost of Goods” is accurate 
  • Why is it important you review your P/L financial data for at least the last six months 
  • Why is it important to establish a line of credit rather than getting loans 
  • Where do most clients have the most trouble, or even fail, in terms of their financials?
  • I understand that financials are important measures of the past activity. What can help me see where I am going. 
  • How much time should I be spending on my financials/books, and where should I direct my focus 

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How to use your Financial Statements as a Guide to Profits