Whether you are in business, or starting a business, you should have a bookkeeper establish simple accounting procedures to control your funds. There are also many books that can give you a good understanding of financial statements and bookkeeping concepts, from basic skills to complex principles. Use the Electronic Catalog to find books on the components and the functions of essential financial statements such as balance sheets, income statements and cash flow analysis. If you are already in business these records will provide the basis of your financial projections for you business plan.
If used properly and consistently these documents are budgeting tools that will tell you how much money you have to spend, or serve as warning signals if you are losing money.
Brooklyn Public Library has an interactive site for entrepreneurs, MyOwnBiz, which can help you to determine what your bottom line has to be to make a profit. The site gives you valuable tips and allows you to calculate your startup and operating costs online using the Do It Yourself tools listed under the "Where's the Money?" section.
Many sites offer examples of the financial statements you will need in your business plan. Here are a few of the best:
Business Know How Start-Up Cost Calculator
- do you have enough money
Commerce Clearing House
- use the Business Finance Tools
Small Business Administration
- look for Financial Assistance Forms
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