The Importance and Uses of Notes to the Financial Statements

The complete set of financial statements include the balance sheet, income statement, statement of changes in equity, cash flow statement and notes to the financial statements. If you will read the first four financial statements mentioned above, you will see notes referring to numbers after each accounts in those financial statements. At the footer of the balance sheet, income statement, statement of changes in equity and cash flow statement, you will see a phrase saying “see accompanying notes to the financial statements” or “the accompanying notes are integral parts of these financial statements”. The first four financial statements are linked to the notes to the financial statements to provide clearer and complete financial information to the users of financial statements. Read more

Simple tips and techniques in planning your business for the year 2009

Year 2008 is only a few days left and its over. Whether you still have backlogs courtesy of inefficiencies or inadequate resources in that year, you may consider them for the next year – the year 2009. Actually planning for 2009 should have been already done and accomplished earlier than this time. But if you still can’t finalize your business plan for the year of the Ox, then the following list of simple tips might be of significant to you and important to be considered.

Review your history. Before you plan for the future it is important to look back first of what happened in your past. If your goals last year did not realized and materialized, then find out why it did not realized. In other words, by reviewing your history and experiences, Read more