Financial Literacy Not every business owner is good with numbers. But when it comes to the money generated by your company, you should be at the forefront and not the sidelines. By Chris Panek
ost small businesses do their own finances, but many of them feel they are inadequate when it comes to financial literacy. So, what exactly is financial literacy you ask? Financial literacy is simply having the appropriate skills which allow you to make smart decisions with your money. This could be in your personal life or in your business. Financial aspects of a business can be stressful for business owners, but if you take the time to learn the basics, you will
feel more confident and comfortable with your finances. In your business, there are three main reports that make up your financial statements. They are the Balance Sheet, Profit and Loss, and Cash Flow Report. These reports will summarize your financial information and give you a clear financial picture of your business. If you are doing your own finances in your business, there are many options to generate
Contributor ________ Chris Panek is a Certified QuickBooks ProAdvisor and Certified Public Accountant at Christine R Panek, CPA with over 20 years of experience helping small businesses with accounting and bookkeeping, financial statement preparation, QuickBooks consulting and payroll services in the St. Cloud area.
St. Cloud Area Chamber of Commerce Business Central Magazine