Everything you need to know about balance sheets | Run your business
Learn more about reading and preparing balance sheets: (For US-based businesses) https://intuit.me/3jJF4gO (For Canada-based businesses) https://intuit.me/3kKN959 Think of a balance sheet as a report card for your business. It's a way to monitor your small business’ performance and its ability to meet financial obligations. In this video, Nayo Carter-Gray (1st Step Accounting) outlines the three components of a balance sheet and guides you step-by-step on how to read and prepare one for your business. 00:00 - Introduction 01:01 - What is a balance sheet? 01:35 - Components of a balance sheet 02:32 - Types of assets 04:02 - Types of liabilities 04:41 - Why is the balance sheet important? 05:16 - How to prepare a balance sheet This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers and viewers should verify statements before relying on them. Click for the latest updates...Summit Team
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