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Full Description
As a small business owner, having knowledge of crucial numbers is the most important tool you can equip yourself with to survive today's competitive marketplace. If you're not a numbers person, Accounting for the Numberphobic is to the rescue!
Why do so many business owners dread looking at the numbers? Financial statements, ledgers, profit and loss reports--many avoid these and treat them like junk mail and phone solicitors. Nevertheless, it's true--you're not a numbers person. How can you learn to make sense out of all this Greek?
This easy-to-follow guide demystifies your company's financial dashboard: the Net Income Statement, Cash Flow Statement, and Balance Sheet. The book explains in plain English how each measurement reflects the overall health of your business--and impacts your decisions.
In Accounting for the Numberphobic, you will discover:
How your Net Income Statement is the key to growing your profits;
How to identify the break-even point that means your business is self-sustaining;
Real-world advice on measuring and increasing cash flow;
What the Balance Sheet reveals about your company's worth;
And much more!
Don't leave your company's finances entirely in the hands of a third-party accounting service or an employee who is only loyal to the highest paycheck. Knowing the numbers yourself isn't just about seeing how your company is doing, it's about knowing where it is going--and guiding it toward the highest profits possible.
Contents
CONTENTS
Acknowledgments xi
Introduction: Why You Need This Book xv
1 Your Financial Dashboard: The Net Income Statement,
Cash Flow Statement, and Balance Sheet 1
The Net Income Statement 4
The Cash Flow Statement 9
The Balance Sheet 13
Key Takeaways 16
2 The Net Income Statement: The Key to Growing
Your Profits 19
Line Items on Your Net Income Statement 20
Management Benchmarks 38
Key Takeaways 39
3 Using Your Net Income Statement to Improve Profits:
Driving with Your Eyes Open 43
Driving Profits for Product Businesses 44
Driving Profits for Service Businesses 59
Key Takeaways 69
4 The Breakeven Point: When Your Business Is
Truly Self-Sustaining 71
Why the Breakeven Point Matters 72
How to Discover the Breakeven Point 74
It Takes Time to Reach the Breakeven Point 82
Marketing Expenses Can Help or Hinder 85
Staying At or Above Your Breakeven Point 88
Key Takeaways 89
5 Your Cash Flow Statement Is Speaking:
Can You Hear It? 91
Why Cash Flow Is Important 92
Net Revenue and Cash Are Not the Same Thing 93
How the Cash Flow Statement Works 101
Budgeting Cash the Easy Way 105
Cash-Burning Traps to Avoid 109
Key Takeaways 112
6 Managing Your Cash Flow: More Is Better 115
Managing Your Cash Inflow 116
Managing Your Cash Outflow 132
Key Takeaways 135
7 What's Your Company Worth? The Balance Sheet
Holds the Secret 137
What the Balance Sheet Reveals 138
The Three Sections of the Balance Sheet 142
Key Takeaways 160
8 The Balance Sheet in Action: How to Win Friends
and Influence Bankers 163
What the Balance Sheet Numbers Reveal 164
How to Improve Your Balance Sheet 167
How a Bank Evaluates a Business 169
Duration of a Loan and the Role of Collateral 172
Eight Myths About Dealing with Banks 174
Key Takeaways 181
9 Putting It All Together: Your Financial Dashboard
in Real Time 183
Basic Business Transactions 185
Ratios and Percentages Help Find the Patterns 197
Key Takeaways 201
10 Numbers Make the Business: An Interview with
Norm Brodsky 205
Inside the Mind of Norm Brodsky 206
Key Takeaways 223
Glossary 225
Index 233
About the Author 243
