Title: Understanding Financial Statements
Topic: What Your Banker Wants to Know
COPE: Approval Pending
Duration: 1 Hour
Summary: Financial statements are the roadmap for any successful business. Like a long-distance runner following a marathon course, financial statements tell you where you are (the mile marker), how fast you are going (your pace) and how much further you must go (the finish line). They let you know if you are on track, heading in the right direction, and how much further you need to go to achieve your goals. Understanding Financial Statements are critical for business owners to achieve financial success. Without keeping track of your progress, it’s easy to lose track of where you are and where you are heading. Here we will explore the 3 basic Financial Statements: The Profit and Loss Statement; The Balance Sheet; and The Statement of Cash Flows. We will distill down what you really need to know about each of these reports, understand the differences in what they tell us, and learn to identify the key information to successfully monitor where your business is heading.