29 Jan '14, 11am

$avvy #Blog Corner: Running yourself like a company - #Income statements #finance

$avvy #Blog Corner: Running yourself like a company - #Income statements #finance

You should run yourself like a company. There are certain beneficial practices in running a company that we can learn from. There are 3 important reports that can determine the state of the health of a company. These are the balance sheet, the cash flow statements and the income statements. A company needs to have these reports generated so that the managers and also the investors can have a look at whether the company is doing well and also for transparency, good corporate governance and accountability. This should also be the reason why you should do up your own personal financial statements so that you can see if you're doing well financially or not. Of course, before you can even prepare such statements, you need to keep records. Since you're not listed nor fall under ACRA, you don't have to follow any accounting guidelines nor will you be fined for not meeting standar...

Full article: http://www.cpf.gov.sg/imsavvy/blog_post.asp?postid=275219...

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