One of the most basic elements of financial accounting, a balance sheet gives you a financial snapshot of your business' condition at a specific moment in time.
Business balance sheets are an important aspect of financial reporting. They provide potential lenders such as banks, investors, and vendors vital financial information about your business. The information on your balance sheet could be a determining factor of the future of your business.
A balance sheet can also help you make decisions that will shape your business. The information on a balance sheet can help you:
Quickly get a handle on the financial strength and capabilities of your business
Identify and analyze trends, particularly in the area of receivables and payables
Determine if your business is in a position to expand