Financial Controls

By analyzing your business's financial reports, you are able to determine how well your business is doing and what you may need to do to improve its financial viability. There are three basic financial reports that all business owners need to understand and interpret in order to manage their businesses successfully—the balance sheet, the income/profit and loss (P&L) and the cash flow statement.

These are often referred to as the financials. Pro forma financials are projections, usually these are projected for three fiscal years. Financial controls provide the basis for sound management and allow you to establish guidelines and policies that enable the business to succeed and grow.

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Source: http://www.missouribusiness.net/docs/financial_controls.asp 

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