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
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