Accounting and financial reports are the universal language of business. The whole dynamics of the numbers in these reports – knowing, preparing, using and analyzing them – are valuable business tools. Your stakeholders, team members, financiers, banks and your customers read these numbers. You and your stakeholders will feel confident if your business is doing well, as per your financial report analysis and reading. These numbers are your instant recall on the health of your business, your profit and loss statement, your cash flow analysis, your quick review on sales, expenses, equity, and debt. Numbers don’t lie. Use them to make intelligent decisions, to develop a good foundation for internal control, and to evaluate performance.
Francisco Lingad, ANCL Export Import Canada, LLP, Vancouver, BC, CYBF mentor