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Improving the Health of Your Business With Cost-Cutting & Operational Efficiency

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Balance Sheets

How are balance sheets useful?

Say "cheese!" Balance statements are nothing more than snapshots. They have the balance of the checkbook, the outstanding long term liabilities, long term assets, and depending on the type of business, they show owner's equity as well. Like the income statements, they stem from the chart of the accounts. The first step in review of the business, therefore, is always, always, always review the chart of accounts.

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