Long Term Mindset on LinkedIn: How the Financial Statements connect 🔄 : Understanding how the three… (2024)

Just finished the course “Financial Accounting Part 1” by Earl Stice and Jim Stice! Check it out: Super cool course, my buddy Seán Carmodywould love this course. Have a ponder guys ! https://lnkd.in/d5d9s7qk #financialaccounting.

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this is insightful.

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Dear Accountants, no matter the effort you put into preparing your financial reports, it automatically becomes IRRELEVANT if it is not sent out timely.As an Accountant, you need to understand that financial reports are not just being prepared for preparation sake but are actually a tool for decision making, and they lose their relevance if they don’t meet such needs. While we understand that the process of preparing and analyzing a financial report might be time consuming, it’s still not enough reason for you to be sending out the report for January at almost February ending when it was actually supposed to be a guide for February activities. If you currently struggle with sending out your reports on time, here are few tips to help you stay on top of your game:🔘 Form a habit of always postings transactions on a daily basis as they occur, don’t wait till they pile up. 🔘Try to always do bank reconciliations on a weekly basis, so it reduces your work load by month end. 🔘Work on your schedules and journals few days to month end.🔘Once it’s month end, block a day in your calendar to do focused work and close out on the reporting for the previous month.📌These tips are not only applicable to financial report preparation, but also to other time based reports. And don’t forget the beauty of any report is making it available to the user when it is NEEDED the most. I hope this helps. Found this insightful? Please comment and repost so others can learn

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Financial Reporting (4th Edition) - PDFDownload for only $21.00

Everything you need to know about Financial Statements:𝐇𝐞𝐫𝐞’𝐬 𝐰𝐡𝐚𝐭 𝐭𝐡𝐢𝐬 𝐦𝐢𝐧𝐢-𝐦𝐚𝐬𝐭𝐞𝐫𝐜𝐥𝐚𝐬𝐬 𝐠𝐨𝐭 𝐟𝐨𝐫 𝐲𝐨𝐮:📍 𝐌𝐞𝐚𝐧𝐢𝐧𝐠 𝐨𝐟 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬:Formal records summarizing financial activities and position.📍 𝐒𝐢𝐠𝐧𝐢𝐟𝐢𝐜𝐚𝐧𝐜𝐞 𝐨𝐟 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬:1️⃣ 𝐃𝐞𝐜𝐢𝐬𝐢𝐨𝐧-𝐌𝐚𝐤𝐢𝐧𝐠:→ Informs operational and strategic choices.2️⃣ 𝐈𝐧𝐯𝐞𝐬𝐭𝐨𝐫 𝐑𝐞𝐥𝐚𝐭𝐢𝐨𝐧𝐬:→ Assists investors in evaluating performance.3️⃣ 𝐂𝐫𝐞𝐝𝐢𝐭𝐰𝐨𝐫𝐭𝐡𝐢𝐧𝐞𝐬𝐬:→ Affects borrowing terms and credibility.4️⃣ 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞 𝐄𝐯𝐚𝐥𝐮𝐚𝐭𝐢𝐨𝐧:→ Measures profitability and efficiency.📍 𝟒 𝐓𝐲𝐩𝐞𝐬 𝐨𝐟 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬:1️⃣ 𝗜𝗻𝗰𝗼𝗺𝗲 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁:Defines revenues, costs, and net income.2️⃣ 𝗕𝗮𝗹𝗮𝗻𝗰𝗲 𝗦𝗵𝗲𝗲𝘁:Summarizes assets, liabilities, and equity.3️⃣ 𝗖𝗮𝘀𝗵 𝗙𝗹𝗼𝘄 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁:Details cash inflows and outflows.4️⃣ 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 𝗼𝗳 𝗖𝗵𝗮𝗻𝗴𝗲𝘀 𝗶𝗻 𝗘𝗾𝘂𝗶𝘁𝘆:Illustrates changes in equity accounts.Now comes the real deal.7/10 business struggle with these 2 problems:- Preparation of Financial Statements- Reading them properlyTo make the journey easier for you,Here’s why FREE detailed blog which will guide you through:🎁 What are Financial Statements🎁 4 types of Financial Statements🎁 Step-by-step framework🎁 How to read Financial Statements🎁 Complete Analysis and RatiosSounds good?Read the blog in comment!♻️ Repost this with your fellow business owners.#financialstatements #financialaccounting #businessaccounting

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Just finished the course “Financial Accounting ” by Great Learning.This course has taught me the fundamentals of financial accounting, such as how to record transactions, prepare financial statements, and analyze financial data.

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Financial Accounting for Decision Makers (10th Edition) - PDFDownload for only $16.00

📢 Understanding P&L Statements: A Comprehensive Guide 📊🎯 Have you ever wondered what those mysterious P&L statements are all about? 🤔 Well, worry no more! In this post, I'll break down the essentials of Profit and Loss (P&L) statements in a simple and concise manner. Let's dive in! 💼📈 P&L statements, also known as income statements or earnings reports, provide a snapshot of a company's financial performance over a specific period. They showcase revenue, expenses, and ultimately, the company's profit or loss.🔍 So, what key components should you look for in a P&L statement? Here are the crucial elements:1️⃣ Revenue: This represents the total income generated by the company from its primary operations. It includes sales, services rendered, or any other sources of revenue.2️⃣ Cost of Goods Sold (COGS): This includes the direct costs associated with producing or delivering the company's products or services. It covers raw materials, labor, and other expenses directly tied to production.3️⃣ Gross Profit: Calculated by subtracting COGS from revenue, gross profit indicates how much money the company earns after accounting for direct production costs.4️⃣ Operating Expenses: These are the indirect costs incurred to run the business, such as rent, utilities, salaries, marketing, and administrative expenses.5️⃣ Operating Income: Also known as operating profit, it is derived by subtracting operating expenses from gross profit. Operating income reflects the profitability of the company's core operations.6️⃣ Other Income and Expenses: These include non-operating items like interest income, gains/losses from investments, or one-time charges.7️⃣ Net Income: The final figure! Net income represents the company's bottom line, obtained by subtracting other income and expenses from operating income. It shows the overall profitability after considering all costs and revenue.📚 In conclusion, P&L statements are powerful tools that summarize a company's financial performance. By grasping the key elements and their significance, you'll be equipped to decipher these statements with confidence. Stay tuned for more financial insights! 💪💼#FinancialManagement #ProfitAndLossStatement #financialanalysis

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Just finished the course “Financial Accounting Part 1” by Earl Stice and Jim Stice. Check it out: https://lnkd.in/ej4YzdnZ #financialaccounting.

Just finished the course “Financial Accounting Part 1” by Earl Stice and Jim Stice! Check it out: https://lnkd.in/d5uzKdZf #financialaccounting.

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