Small business financial management

It's HUGE. You must track all financial activity, from the first purchase to the last sale. There are many simple-to-use and affordable software programs available that will help you track your finances.

As the business manager, one of the main deliverables you want from financial record-keeping are the reports that will be produced from your collection of revenue taken in and expenses going out. These include: Profit and Loss statement, or P&L, (a/k/a Operating Statement), Balance Sheet and Cash Flow Statement.

One of the best ways to be a professional and successful business manager is to create these reports regularly, accurately, learn how to read them, how they relate to each other and use them in your decision-making process every day.