April 2, 2020

2020 – 04/01 – Using your financial statements during an economic crisis

The coronavirus (COVID-19) pandemic has forced business owners to reevaluate their operations and make difficult decisions. One place to look for information to help keep your business afloat during the crisis is your financial statements. Your cash flow statement can help determine whether your revenue will cover ongoing operating expenses. If not, consider applying for an SBA loan. Your balance sheet can reveal assets that need to be written down and the potential for insolvency, which happens when liabilities exceed assets. And your income statement can provide insight into potential cost-cutting measures. We can help you evaluate your financial statements and update the numbers.