It does not matter if you own a large or small company, you will need to keep track of your finances. Not doing so will result in the downfall of your company. Without keeping proper records of your financial statements, you could end up spending more money than you are making. It does not take a genius to see what is going to happen in this type of situation. One great way to keep track of your businesses finical records is by using a balance sheet template.
What Is This Document?
This type of document is basically a financial statement that lists what your company owns (assets) and what your company owes (liabilities). This document will allow you to gain crucial insight into the financial strength of your company.
If you download one of these model documents from our website, it will include everything that you need to get started, keeping track of your finances. However, you must know what to enter into each category. For instance, there will be a current assets category, which should include cash, accounts receivable, and your company’s inventory.
Listed on the document you will also find a liabilities category, where you will list the expenses that your company is expected to pay out. For instance, your investments, accounts payable, and any loans should be inputted into this section.