If you’ve never prepared a Balance Sheet before, it can seem pretty intimidating. What values should you use? Where should you put them?
When you want to go to the bank for a loan, or bid on a big job for a new customer, they will want to see your Financial Statements, including a Balance Sheet.
A Balance Sheet is simply a list of what you own (Assets) less what you owe (Liabilities) which equals what your business is worth (Equity).
Here’s some sample accounts in each category: