Outside the Guide: Financial Reports - Income Statement

Rachel Sutton, Co-Founder and CPA of Oak Ledger shares her best practices for business owners to configure their statements in a way that works for them while remaining financially accurate and GAAP compliant.

It’s not enough to see a profitable company on the income statement. That’s where the cash flow statement comes in. Josh and Clay discuss the difference between the statements while also explaining how they’re connected.

The balance sheet represents a snapshot in time of an organization’s assets, liabilities, and equity. Josh and Clay cover the fundamentals of the sheet as well as specific ratios. They also identify which insights the sheet provides and common misunderstandings.

The session room is a special, dynamic place. Clay and Josh recap their Januarys highlighting some two-day annual sessions with clients, the more subjective and emotional side of running a business, and the “happy medium” of EOS implementation.

Cash rules the day. Not profit. They're related, but definitely not the same.