Introduction
As an entrepreneur, you can't get away from it: taking stock. Of course, you already do this proverbially on a regular basis. You can take stock at the end of the year and look back at what went well or not so well last year. But for the tax authorities, you actually have to draw up a balance sheet on paper every year. How do you do that? What is a balance sheet anyway?
Balance: meaning and explanation
You have probably already largely forgotten the explanation of the balance sheet in economics years ago. Therefore, below we briefly explain the meaning of "balance sheet" as well as a number of other important concepts that appear on the balance sheet.
What is "balance sheet? A balance sheet is a statement of all the tunisia mobile numbers list assets and liabilities and equity of your business. The amounts below are put into two different columns of a table and added together. At the bottom of the line, both columns should have the same amount come out to the balance sheet total.
Because the amount of your assets, liabilities and equity can change daily, a balance sheet is a snapshot in time. The balance sheet gives a good picture of how a company is doing. Think about solvency and liquidity. The balance sheet is a required part of the financial statements and shows you annually whether your business has grown over the past year compared to the beginning balance sheet you started the year with.
Whereas you used to go to an accountant for your balance sheet and bookkeeping, there are now online accounting programs that show you your current balance sheet in real time after each entry. The moment you need to prepare a balance sheet for the IRS, it rolls right out.