Most business owners find it easy to interchange budget with forecast. For entrepreneurs who have just started running a business, it may be easy to confuse the two. But for growing businesses, managers like you should already be well aware of what sets the two apart from each other. So what is the deal? What makes budget different from a forecast and why do you need to understand both? Read on to find out why.  

The favorable prospects of your business funding is an important facet to making your business flourish. For 2015, the funding prospects of most business owners in the US are considerably more positive as compared to the past year.

Every potential risk can affect your business negatively, but SME expense report fraud is a threat that can have a wide-scale impact on your profit, reputation and viability of your business.

As a business owner, you cannot manage your business operations well without a basic understanding of financial accounting. Likewise, you also need to be well-versed about financial statements. A financial statement is a formal record of your financial activities, it is a document from your financial service provider which clearly states your assets, liabilities, revenues and the overall financial position of your company. Indeed, financial statements are very important. But if you are still unconvinced, here are more ways to make better sense of the role of a financial statement in relation to your business:

Every business endeavor requires a tangible representation of its actual financial status. With the help of an experienced accountant or virtual CFO, documents like SME financial statements prove the viability of a business, making it easier to attract potential investors. And of course, these documents also play an integral role in cashflow management. These pertinent financial documents, commonly generated by professional advisory services being used collectively, are referred to as financial statements.

Every once in a while, you will be required to present your most recent financial statements to the tax office or to your potential investors.