Businesses run on money, so the financial aspects of a business determine whether you can pay suppliers and have profits at the end of the day. If you are a craftsperson, or bookseller, your product needs to sell, i.e., your financial aspects need to be in order.
Financial aspects of business refer to management, utilisation and acquisition of resources in a company to meet its strategic objectives, it is an art to actually understand how to manage a company’s financials which has many elements.
Profit and Loss:The profit and loss symbolizes your company’s financial activity, during a time period such as a month, or year. It lists all of your revenue at the top and all of your expenditures in the lower section. The bottom line of your income shows how much you have gained, or lost in that period.
Balance Sheet:It is an overview of your financial situation at a particular moment in time showing how much you own and how much you own someone. It showed how assets are distributed and how much of your cash is liquid and can be used for emergencies.
Cash Flow:This document lays your financial projections for an upcoming period and specifically shows you how much cash is going to flow in and out of your operation this time. By knowing how much cash will flow, you can easily formulate a plan for the financial aspects of your business.
You know business is no cakewalk, some guidance and understanding is required to manage business and for which you need to buy books from bookstore UAE for amazing books such as:
All About Bitcoin: The book is about how bitcoin has changed from its inception, the author has described how cryptocurrency has changed and how you can invest in Bitcoin to learn the art of financial aspects of business. This book will shed light on the subject for a deeper understanding.
A Surprisingly Interesting Book about Contracts by Sara Conley Odenkirk: For a large number of people, when we utter the word contract, people get a sense of dread, but if you wish to succeed in the business world, you must come to terms with balancing aesthetic sense with business sense. This book has been written to help artists and creative professionals feel at ease, if they wish to sign a contract. This book proves as an effective introduction to contracts. It will give the tools to get control of your work and enjoy the art of financial aspects in a business.
Colour for Profit: Louis Cheskin’s book colour for profit initiated a scientific approach to colour and design. The author’s philosophy was about three things: Good taste has little to do with how design sells, asking customers to rate package design is not the correct way to market a product and colours have symbolic meanings. According to this book, the perception of people is directly linked to aesthetic design.
Success by Design by David Sherwin: The essential business reference for people, who wish to manage and design their business-like a pro and a design leader. This book is a product of interviews with top designers, studio directors, service professionals, project professionals and people with creative industries.
Establishing a Structured Organisation by James T Mayberry: Every organisation hopes to manage financial aspects for which a structure is required. James T Mayberry explains the following things in his book, in order to structure an organisation:
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