Why are there so many financial reports and do we really need all of them?

I know it can be confusing when you hear your bookkeeper throw out terms like Balance Sheet, Income Statement, Profit & Loss, Cash Flow Statement…..aren’t some of those the same!?

This week’s blog post is coming to you from Beckie Rosenberg, CEO of Balanced Office Solutions and valued District Bliss member.

I get it. Bookkeeping terminology can feel confusing and overwhelming.

Let me break down the 2 most common reports and give them to you in plain English.

1. Balance Sheet

This shows a single point in time. It shows the assets you have ownership over like cash or equipment. It also will show you the obligations you have, like loans or bills due.

Then, there is usually a smaller section that represents the ownership you have in your business (money you put in vs what you have been paid).

2. Income Statement (aka Profit & Loss Statement aka P&L)

This one is a favorite because it shows things like revenue and profit! It also will show you expenses which can be a treasure chest of savings.

Your income statement shows a period of time (with a starting and ending date).

In short, it will show:

+ All the money you made
– Minus what it cost you to make it
= Finally → What you are left over with (profit)

This single report can tell you SO much about your business. If you want to start getting better at your numbers, start here!

Join us for our Bookkeeping Bliss workshop on Wednesday, May 15, 2024, at 2:30pm ET. Ditch the Numbers Dread: Say goodbye to number nightmares and hello to managing finances with a smile.

Wave goodbye to the chaos of not knowing your numbers, the disarray of bookkeeping, and the stress of year-end financial tasks. Say ‘Hello’ to staying on top of your game!

No more frustrating moments of ‘F*ck, I didn’t do my bookkeeping again.’ Join us for this workshop to conquer financial chaos and effortlessly manage your numbers game!

Do you struggle with …

  • Lack of a clear understanding of how to organize their bookkeeping effectively.
  • Selecting the appropriate financial software.
  • Differentiating deductible expenses.
  • Not knowing where to start and are on the same circle of shit year after year.

By the workshop’s end, you’ll say see ya to bookkeeping worries and give a resounding “YES” to getting your financial shi*t in order!

Together, we’ll unravel the essential steps for selecting tailored financial software that perfectly fits your unique business needs.

You’ll dive into the basics of deductible expenses, secure straightforward bookkeeping strategies armed with user-friendly checklists, and leave feeling empowered with an enthusiastic, “I got this!” We’ll equip you with practical tips to transform daunting numbers and turn bookkeeping anxieties into manageable, actionable steps!

Bookkeeping Bliss Workshop Graphic

Grab your ticket today!

Beckie, CEO of Balanced Office Solutions, sitting on the floor, holding moneyAbout the Author, Beckie Rosenberg, Balanced Office Solutions!

This week’s blog post comes to you from Beckie, the founder and CEO of Balanced Office Solutions and District Bliss Member.

Beckie is not your typical bookkeeper. With an unfiltered (sometimes sweary) approach and a commitment to authenticity, she’s a seasoned financial expert dedicated to simplifying the complexities of bookkeeping for small businesses. Her mission? Empowering business owners to make informed decisions based on real numbers rather than guesswork. Beckie excels in simplifying financial management, offering personalized insights into selecting financial software, unraveling deductible expenses, and sharing practical tips for stress-free financial handling. Her workshops are thoughtfully designed to guide participants from overwhelmed and disorganized financial management to confident and effective practices. As your go-to numbers enthusiast, Beckie is your dedicated partner in helping you achieve remarkable success and growth for your business.

Bookkeeping Workbook from Balanced Office Solutions!

Snag Beckie’s FREE Bookkeeping Workbook and never get off track with your books again!

Your ultimate guide to maintaining financial order within your business.

Your comprehensive workbook with an amazing checklist. It covers weekly, monthly, and quarterly must-dos, with easy-peasy terms for every savvy business owner. Say goodbye to chaos and hello to tamed bookkeeping!

Click here to claim your Bookkeeping Workbook!

Ready to skyrocket your business with ease?! Join District Bliss today!

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Together, we move from feeling isolated into highly-supported and referral-generating businesses. We collaborate and build deep, authentic connections with like-minded humans and move beyond struggling to find a place where we belong and find the resources, support, and people we need!

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… and so.much.more

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