Money matters. That’s why financials are critical for entrepreneurs to manage.
As the chief financial officer (CFO) of your business, you need to know how much money is coming in and going out at any given time.
There are a lot of different areas of financial management that we’ll touch on in other episodes of the podcast, but this one is all about financial reporting. If you need someone to go back to basics on business finances, I’ve got you covered. We’re talking about what a profit and loss statement is, what a balance sheet is, how to protect yourself legally, and more.
If you look at your financial reports and don’t have a clue what to do with them, this is for you.
Topics We’re Covering in This Episode:
- What a profit and loss statement is
- What’s included in a profit and loss statement
- How to categorize expenses and income
- The purpose of a balance sheet
- Whether you should be an LLC or a sole proprietor
- Things to include in your contracts
- The difference between a contractor and an employee
- How to protect yourself and your business
If you’re not a numbers person, don’t panic. A lot of entrepreneurs feel the same way! If they can do it, so can you. Staying on top of your finances is important, but it doesn’t have to be as overwhelming as it seems, you just need to know where to start, and that’s why I’m sharing this episode.
If you love what you’re learning on the show each week, let me know by leaving a rating and review! I’d love to hear from you. While you’re there, don’t forget to follow the show so that you never miss an episode!
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