{"id":1485,"date":"2020-06-09T09:12:15","date_gmt":"2020-06-09T14:12:15","guid":{"rendered":"https:\/\/www.northone.com\/blog\/?p=1485"},"modified":"2023-05-16T14:35:46","modified_gmt":"2023-05-16T19:35:46","slug":"what-is-a-balance-sheet","status":"publish","type":"post","link":"https:\/\/www.northone.com\/blog\/financial-management\/what-is-a-balance-sheet","title":{"rendered":"What is a Balance Sheet?"},"content":{"rendered":"\n<p>We know running a business can feel like you\u2019re juggling a thousand responsibilities. While we know all business owners are heroes, you\u2019re still human at the end of the day. Putting some of your energy into managing your business finances will help you understand how to better manage your business. Prioritize creating your three financial statements \u2014 a profit and loss statement (or income statement), a cash flow statement, and a balance sheet \u2014 to keep a grasp on <a href=\"https:\/\/www.northone.com\/blog\/small-business\/a-guide-to-small-business-financing\/\">your small business\u2019s money management<\/a>. We\u2019ll be focusing on the balance sheet in this post, which will give you the big picture of your company\u2019s worth.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_a_Balance_Sheet\"><\/span><strong>What is a Balance Sheet?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>A balance sheet summarizes your small business\u2019s net worth at the end of a specific time. It will tell you how much you own and how much money you owe to your creditors. <\/p>\n\n\n\n<p>A balance sheet will help other parties, like lenders and investors, decide if they should loan your business money.&nbsp;<\/p>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">Most importantly, a balance sheet gives you the most current representation of your business\u2019s financial position, which can help you make smarter decisions to make your business run better and make more money.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_Does_a_Balance_Sheet_Tell_You_About_Your_Business\"><\/span><strong>What Does a Balance Sheet Tell You About Your Business?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The main purpose of the balance sheet is to give you a clear understanding of <a href=\"https:\/\/startupfinancialhealthchecklist.com\/#\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">your business\u2019s financial health<\/a>. While it doesn\u2019t give you specific breakdowns of how money is being spent, like you would find in a <a href=\"https:\/\/www.northone.com\/blog\/financial-management\/how-to-calculate-cash-flow\/\">cash flow calculation<\/a>, you will be able to reference it to know general figures. Including:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>How much money you\u2019ve put into your small business<\/li>\n\n\n\n<li>How much debt you have&nbsp;<\/li>\n\n\n\n<li>Current assets (what your business owns)<\/li>\n\n\n\n<li>Current liabilities (what your business owes)<\/li>\n<\/ul>\n\n\n\n<p>This information is especially important because it can help you keep a pulse on your current assets to liabilities ratio. This ratio shows whether your business is financially healthy enough to pay off its debts.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_on_a_Balance_Sheet\"><\/span><strong>What is on a Balance Sheet?&nbsp;<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"has-very-light-gray-background-color has-background\">Balance sheets are organized into <strong>three <\/strong>primary categories: <em>assets, liabilities, and owner\u2019s equity.<\/em>&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Assets\"><\/span><strong>Assets<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Assets refer to the things your business owns. These assets have a dollar value, and should be listed on your balance sheet according to liquidity, which refers to how easily this item can be turned into cash (think, selling something off). You\u2019ll want to organize this section according to the type of asset as well.<\/p>\n\n\n\n<p>Current assets, or short-term assets, are assets that you expect will be converted into cash within the current year. These include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Money in your <a href=\"https:\/\/www.northone.com\/customers\">small business\u2019s checking account<\/a><\/li>\n\n\n\n<li>Money that is being transferred between accounts<\/li>\n\n\n\n<li>Accounts receivable (money your customers owe you)<\/li>\n\n\n\n<li>Inventory<\/li>\n\n\n\n<li>Prepaid expenses<\/li>\n\n\n\n<li>Currency, stocks, or bonds<\/li>\n<\/ul>\n\n\n\n<p>Long-term assets are the second category you\u2019ll want to add to your balance sheet. Long-term assets refer to things you don\u2019t plan to convert to cash within the current year. These include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Buildings and land<\/li>\n\n\n\n<li>Equipment&nbsp;<\/li>\n\n\n\n<li>Patents, trademarks and goodwill&nbsp;<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Liabilities\"><\/span><strong>Liabilities<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Liabilities refer to what your business owes. When filling out this section, list liabilities according to the due date.&nbsp;<\/p>\n\n\n\n<p>Current liabilities are debts due within a year. These may include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Accounts payable (What you owe vendors or suppliers)<\/li>\n\n\n\n<li>Wages you owe to employees for hours already worked<\/li>\n\n\n\n<li>Loans<\/li>\n\n\n\n<li>Taxes<\/li>\n<\/ul>\n\n\n\n<p>Long-term liabilities are those that you will pay back beyond the year. These include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Loans that don\u2019t have an immediate 12-month due date<\/li>\n\n\n\n<li>Bonds issued by your company<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Owners_equity\"><\/span><strong>Owner\u2019s equity<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Equity is whatever belongs to your small business and includes:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Capital (money invested into the business)<\/li>\n\n\n\n<li>Private or public stock<\/li>\n\n\n\n<li>Retained earnings<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Do_You_Need_an_Accountant\"><\/span><strong>Do You Need an Accountant?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>While it may be tempting to skip getting a professional accountant to lower costs, it may be a good idea for <a href=\"https:\/\/www.northone.com\/customers\">startup small businesses<\/a> to hire one during the first year of operation. This can help you accurately calculate the first handful of balance sheets, cash flow analyses, and profit and loss statements, which will set the stage for future financial reporting. <\/p>\n\n\n\n<p>Accountants can also offer personalized consulting based on your finances, which can help you make smart budgeting and money management decisions moving forward. Rely on <a href=\"https:\/\/www.northone.com\/integrations\">smart banking technology that allows you to integrate your accountant and bookkeeping<\/a> software with your business bank account activity so you\u2019re all on the same page.&nbsp;<\/p>\n\n\n\n<div class=\"wp-block-columns emailcapturecontainer has-background is-layout-flex wp-container-core-columns-is-layout-9d6595d7 wp-block-columns-is-layout-flex\" style=\"background-color:#edce81\">\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:55%\"><\/div>\n\n\n\n<div class=\"wp-block-column is-vertically-aligned-center is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:45%\"><div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full\"><img decoding=\"async\" data-expand=\"1\" src=\"https:\/\/www.northone.com\/blog\/wp-content\/plugins\/media-ace\/includes\/lazy-load\/images\/blank.png\" data-src=\"https:\/\/www.northone.com\/blog\/wp-content\/uploads\/2021\/10\/N1-DeviceLockup.png\" alt=\"\" class=\"lazyload wp-image-3928\"\/><\/figure>\n<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>We know running a business can feel like you\u2019re juggling a thousand responsibilities. While we know all business owners are heroes, you\u2019re still human at the end of the day&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":1486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[138],"tags":[194,84,142,78,119,117,143,148,92,193],"class_list":["post-1485","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-management","tag-a-balance-sheet","tag-accounting","tag-budgeting","tag-finance","tag-financial-health","tag-financial-management","tag-financing","tag-northone-app","tag-small-business","tag-what-is-a-balance-sheet"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.6 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What is a Balance Sheet? 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