Maryland Small Business Development Center

Understanding Your Business Financial Statement

Understanding Your Business Financial Statement

Start Date: January 22, 2019
End Date: January 22, 2019
Times: 10:00 AM to 12:30 PM
Location: MD Small Business Development Center; 620 W. Lexington Street, Rm. 4-110; Baltimore, MD 21201
Cost: $40
Contact Information: 410-706-5463

Taking time to read your financial statements might not be the most exciting part of running your own business, but they are a key reporting tool that help you understand the state of your business and where it is going. Your financial statements are also an essential tool to help you make important business and investment decisions, such as cost management, continuing or discontinuing a business operation, mergers and acquisitions, forecasting, and buying or leasing equipment.

To help you grasp a better understanding of your business financial statements attend the workshop to learn the understanding of:

  • Why financial recordkeeping is important from a business and tax perspective
  • The financial statements:

                 *Balance Sheet

                 *Profit & Loss Statement ( also called Income Statement); and

                *Cash Flow Statement

  • How to use the data within your financial statements to monitor your current business operations, formulate a growth strategy, and determine whether you need additional financing
  • Key performance and profitability metrics and what lending underwriters are looking for loan approvals; and
  • The importance of financial budgets and forecasts and how to track and measure performance

If a business owner understands how to analyze its financial data, they can quickly identify what is working well in their business, and what can be expanded; or identify areas that needs monitoring, improvement, or should be discontinued.


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