Get Prepared

I was reminded when I wrote last time on dreams that as the months are pushing us closer to a New Year we need to start preparing for it. I always like to start with finances. So many people hide their heads in the sand until Uncle Sam comes knocking on the door. After all the turmoil with the flooding in the South and people and businesses being displaced it is certainly important to make sure you have records that are up to date. I suggest you start with good financial records.
Why do you need Financial Statements?
1. All lenders of Capital – banks, finance companies, venture capitalists – consider them a condition for granting loans.
2. You need them for tax filing.
3. Insurance claims require accounting records – Balance sheets to substantiate the value of fixed assets.
4. Financial Statements are valuable in proving the nature and extent of any loss, in litigation they are used to substantiate your case or when you lack them, hamper it.

posted by Debra Simpson @ 10:11 AM