Do You Use Balance Sheets In Your Business?

[Good-Person]

Balance sheets are very useful financial tools. They are utilised when it comes to running a business. They are used in order to calculate expenditures and losses as well. They are a very important part of financial accounting. Having said that, balance sheets are commonly used in many business organisations. So, do you also use balance sheets as well?

 

[Grant]

Aren't balance sheets sort of similar to ledgers, in that they show sales/purchases? I haven't used a balance sheet myself, but I worked a few jobs where we had someone doing that work for us.

 

[Frank]

I make use of the Profit and Loss Account in deciding what I want to do in my business. I have not made use of the balance sheet as my business is still developing to the stage where I can start using the balance sheet.

However, I agree with you on the fact that most businesses should adopt the act of record keeping in deciding what happens in their businesses.

 

[Good-Person]

Aren't balance sheets sort of similar to ledgers, in that they show sales/purchases? I haven't used a balance sheet myself, but I worked a few jobs where we had someone doing that work for us.

I think that both of them could be similar in many ways. However, I do not think that they are entirely similar. When I used to study finance, I remember studying these both things separately. General ledgers are a part of balance sheet, but not entirely the same.

 

[Heatman]

Balance sheets are very useful financial tools. They are utilised when it comes to running a business. They are used in order to calculate expenditures and losses as well. They are a very important part of financial accounting. Having said that, balance sheets are commonly used in many business organisations. So, do you also use balance sheets as well?

As long as any businesses is running on a profit and losses, you will always have to make use of balance sheet because that is the only way you will have every details of what transpired in the business documented in such a way to know whether the business is growing or falling backwards.

 

[Kane]

Yeah, I use a balance sheet. By using a balance sheet, I am able to check how much I am spending and how much I am making. If my spending is less than my income, I am in profit. Making a balance sheet is the easiest way to see if you are in a profitable side, or are making losses.

 

[Good-Person]

As long as any businesses is running on a profit and losses, you will always have to make use of balance sheet because that is the only way you will have every details of what transpired in the business documented in such a way to know whether the business is growing or falling backwards.

I think that balance sheet is an instrument or a tool that us used to collect accounting data and financial data of the company. It is used by a company in order to calculate different things such as transactions and expenses. Many companies use alternative tools such as financial statements instead of using balance sheet.