Your balance sheet is a financial statement at a given point in time. It provides a snapshot summary of what your business owns or is owed - assets - and what it owes - liabilities - at a particular date.
The balance sheet therefore shows how your business is being funded and how you are using these funds.
There are three ways you may use your balance sheet:
This guide explains who needs to produce balance sheets and when, the different elements within them and how to use the information from a balance sheet to assess and manage business performance.
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Institute of Chartered Accountants in England and Wales