All the adversity I’ve had in my life, all my troubles and obstacles, have strengthened me.” — Walt Disney
Have You Established your Business Balance Sheet?
Deciding to become an entrepreneur and establish your own hair salon not only means you have taken the step to start investing, it also means you need to understand the business activities. Typically, renovations take four to six weeks to complete and then you have to spend additional funds to buy furniture and equipment for the salon. Let's not forget that you may need to consider getting a loan from bank to add with the funds you have contributed to the start up.
As a business owner, it is now time to think about accounts that are likely to appear on your balance sheet. How do you classify your assets and liabilities? Are you properly accounting for them? Below is a sample balance sheet created by Fontenot & Associates Solutions and can be customized for each customer and it's business.
It's not to late to start understanding the accounting of your business.
My mission is to offer the best accounting and operations solutions and tips for entrepreneurs and small to mid-size companies worldwide seeking to close their process gaps with actual solutions.