The Business Owner's Guide to Reading and Understanding Financial Statements

The Business Owner's Guide to Reading and Understanding Financial Statements

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Epstein, Lita John Wiley & Sons, Inc., 2012
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In The Business Owner's Guide to Reading and Understanding Financial Statements, Lita Epstein presents a guide for business owners to gain a better working knowledge of what exactly goes into the three key financial statements: the income statement, the balance sheet, and the statement of cash flows. Epstein states that the key to success is to look behind the numbers in financial statements and work with an accountant to create customized internal reports to more accurately gauge the financial health of a business. By taking a closer look at customers’ payment habits, inventory turnover, and cost control, for example, a business owner is better able to quickly make course corrections to remain profitable.