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small business with open sign

8 Tips for Managing Small Business Finances Successfully

Owning a small business is a dream of many Americans. Being your own boss is attractive and can be financially rewarding. The truth is that it is not easy, and many businesses fail or do not meet the expectations of the owner(s) that were present at the beginning. Some may mishandle managing small business finances without even realizing it.

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accountant putting together a business financial statement

What Is a Business Financial Statement and Does Your Small Business Need One?

A financial statement can take many forms.

The first question to ask is whether the financial statement is for personal or business use. Individuals often have to prepare personal financial statements if they are looking to obtain credit, usually for a large purchase such as a vehicle or home. Often the lender will have a preprinted form that the individual will simply fill out with the necessary information, such as their checking and savings amounts, investments or real estate and their debts, such as credit card balances, car loans and mortgages. This financial statement is only required when needed. 

Businesses prepare financial statements in a somewhat similar fashion but the information is much more detailed, prepared on a periodic basis rather than when needed and can contain information that is useful to both an outside party or the owner or management of the business itself. Here we will focus on the need of a business to prepare a financial statement and how it is prepared.

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meeting about internal controls

Why Does My Business Need Internal Controls?

Your business may need internal controls. Internal controls are the policies and procedures a business takes to safeguard its assets.

A key to running a profitable business is to make sure that the assets, especially cash, are protected. Assets are the lifeblood of any business large or small. They represent the items owned by the business that lead to the production of income. If they are left unprotected, then the profitability of the business is limited or in jeopardy. 

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