How to Read a Balance Sheet (Accounting 101) with John Stewart

As a founder you have many different roles, and one of the most important is being the accountant and managing business finances. 

While you may have a fantastic idea for your start-up, your business will never reach its full potential without strong financial accounting, budgeting and forecasting at its foundation.

You might be able to outsource this eventually, but it’s important to understand the basic principles in order to assess the health of your business and plan for the future.

Thankfully, you don’t need a master’s degree in accounting in order to achieve this. 

The basics of accounting are simple and can easily be applied to your business. In fact, you can get started right now with the video below.

In this video, business expert John Stewart breaks down the basics of accounting for you. 

John’s years of experience have left him to notice patterns of businesses succumbing to issues exacerbated by a lack of financial information or understanding of financial issues. 

He firmly believes that the key to becoming a successful entrepreneur is an understanding of the basics of accounting and cash flow. 

The topics covered in this session include:

1. The balance sheet

2. The profit and loss account

3. Accrual accounting (taking care of cash vs profit)

After this session you’ll be able to understand a balance sheet and identify where the cash is, how much you need to pay and when and even predict your company’s next return and start making better, more informed decisions about your business.

About John Stewart
John is an experienced CEO and company director who works with companies experiencing stress caused by poor management, poor cash flow or too rapid growth. He also works with businesses at start-up or in the early stages of their development.

John is also a Fellow at both the Institute of Chartered Accountants of Australia and New Zealand and at Australian Institute of Company Directors, as well as being a Director of MYOB Limited and Chair of their audit committee for 10 years! He has also spent more than 12 years (and is the immediate past president) on the board of UNICEF Australia.

John’s years of experience have left him to notice patterns of businesses succumbing to issues exacerbated by a lack of financial information or understanding of financial issues. He firmly believes that the key to becoming a successful entrepreneur is an understanding of the basics of accounting and cash flow. Through a balance sheet you’ll be able to identify where the cash is, how much you need to pay and when and even predict your companies next return.

We hope you’ve found value in this session and now have some actionable steps to take away into your business now or in the future. 

If you’re looking for further accounting support there’s a number of resources and templates to help you navigate this in Fishburners Founders Hub. 

We also have experts and mentors like John that you can book time with 1-1 to better navigate this area and avoid crucial financial mistakes. Get started here: https://fishburners.org/join-us/fishburners-founders-hub/