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Building Your Financials

BeachFleischman PC presents: understanding the function of financial statements in your daily operations, and in forecasting future successes

Introduction

Effective financial statements are the foundation for any successful business. They can be used as a means to track and measure progress, as compass to set your directional course for future growth, as a storyboard for capital investment, or as a tool to communicate and report company success to your stakeholders. Yet they also represent a significant challenge for many new entrepreneurs.

If you are just starting your venture, investors will expect to see a 5-year (or longer) financial summary for your venture that includes detailed financial statements, capital requirements, use of funds, and company valuation. Consider these a "stake in the ground" – they reflect the research you will have done to date, but also represent a starting point for discussion on moving your venture forward. They will eventually reflect the history of your operations, and change as you develop a better understanding of your business. Tip: If you are unfamiliar with financial statements, look at publicly traded companies in your industry for examples. Ask your incubator or mentors for a template to use.

This session provides a close look at financial statements, introduces forecasting methods and strategies, and provides general advice on how to get started. The full video session is presented by BeachFleischman PC, a premier public accounting firm based in Tucson, Arizona, and serving clients worldwide.

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