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26Episodes
Business

Official business podcast Channel for Ontario Small Business Network (OSBN®). Business tips and tricks for small business owners.

Episodes

Budgeting is an important aspect of business planning whether the business is a start-up or operational. It is a process of making a plan of future income and expenses, capital expenditures and cash requirements over a period of time, generally within a 12-month period.

The most common budget consists of income and expenses where projected revenues and expenses are determined based on reliable information to achieve the desired profit. 

Budgeting is an effective monitoring tool in measuring the financial performance of the business by comparing the actual results of operations versus budget. 

by Fe Soncayaon, CPA, CGA | FSS Accountinglink Professional Corporation or FAPC | 647-526-4873 | info@fssaccountinglinkpc.ca | www.fssaccountinglinkpc.ca

 

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Financial Statements contain important information that will help business owners perform micro and macro management of their business. Analysis of the financial data shown in the financial reports is crucial in taking immediate action to solve problems that could have detrimental impact on the business.  

 There are 3 main Financial Statements namely:

  1. Income Statement – It shows the results of the operations for a given period.
  2. Balance Sheet – It shows the financial position of the business in a given date.
  3. Cash Flow – It shows the sources and uses of cash from operating, investing, and financing activities.

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A podcast by Fe Soncayaon, CPA, CGA | FSS Accountinglink Professional Corporation or FAPC | 647-526-4873 | info@fssaccountinglinkpc.ca | www.fssaccountinglinkpc.ca.

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