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Tip #17: Financial statements others can understand!
In too many cases, business financials are so confusing that no one can understand them or analyze them. And it’s not uncommon that the tax returns don’t match up with the Profit and Loss Statements. These can become major problems when the business owner tries to obtain financing or sell his or her company. It is absolutely critical that a business has a set of financial statements and annual tax returns that are easy to understand and make sense to anyone who has to review them.
