Most businesses have a few nasty little surprises…usually in the form of future losses…hiding somewhere in the deep, dark, depths of their Balance Sheet.
Everyone is guilty to some degree, because your Balance Sheet is the place where good money can go and hide until it withers away and eventually dies and disappears.
You cannot successfully conceal the demise though, because eventually the remains will need to be disposed of, via your Profit and Loss sheet, where the expense finally reveals itself.
No criticism…we have seen how easy it is for this sort of future bad news to accumulate on a Balance Sheet. Sometimes it’s on purpose and other times purely by accident.
The skeletons in your closet may have accumulated in any number of different ways…
- Old or outdated stock
- Money you are owed but unlikely to ever see
- Prepaid items
- Items classified as “Other Assets” which are severely lacking in detail
…and a lot more.
There is no time like the present to undertake that much needed “Deep Clean” by giving your Balance Sheet a good scrub and rinse. You will feel much better for it and your Balance Sheet will look better too!
We can help you with this… Take the first step today, call or email Alan and his INVISION Team to arrange an early spring clean for your Balance Sheet.