From the course: Small Business Secrets

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Reading a financial report (P&L and Balance Sheet)

Reading a financial report (P&L and Balance Sheet)

From the course: Small Business Secrets

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Reading a financial report (P&L and Balance Sheet)

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In this video, we're going to talk a little bit about reading financial statements. Now, the first concern you may have is, perhaps, you don't have any financial statements. If that's the case, I recommend that you find an account that you trust or is recommend to you and ask them, what's the next step to me getting some financial statements? They're very important to your business. Also, I should say that what I'm about to share with you is. Really the basis of an entire collegiate course, it can take you a good six months or so to really fully get the best ,maximum benefit out of a financial report. So in this video, my goal is different, I just want to demystify the process a little bit, and give you a starting point to begin reading financial statements. First of all, let's talk about the two different types of statements. Income statements sometime called Profit and Loss statements and a balance sheet. An income statement is designed to show the flow of income and the outgo of…

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