Run Your Business | Everything You Need to Know About Balance Sheets

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

Learn more about reading and preparing balance sheets: https://intuit.me/3jJF4gO