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Sound Business Financial Literacy Skills Will Set Your Company Up For Profit

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Melissa Houston is a Certified Professional Accountant (CPA) and a Financial Strategist for CEOs. Melissa is the host of The Business Society podcast and founder of thebusinesssociety.co who helps successful business owners increase their profit margins without increasing sales so they can put more cash in their pocket. Melissa's passion is helping business women overcome the finance issues and earn more profit in their business and personal lives. Melissa has over 20 years of business experience with large and small corporations, government, and not-for-profit industries while specializing in Internal Controls, corporate accounting, budgets, financial reporting, corporate & personal tax, audit, and SR&ED. She is the proud mother to two kind and beautiful teenagers and a proud wife to her husband Jamie.

What do you think is more important in business – sales or profit? It’s a trick question because, without sales, there would be no profit in a business. However, without consistent profit in a company, there would be no business.Smiling business womanYou do not need to be an accountant, you do not need to do your bookkeeping, but if you are the CEO of your business, you need a high-level understanding of your business finances.

You can hire experts to advise you, but if you do not have basic financial literacy in your business, you will not understand the decisions you are making in your business. The impact of those decisions you make affects the bottom line, which is the profit.1. Understand the income statement The income statement is the most used financial report in business. You can create your budget from the income statement, your operating forecast and measure your key performance indicators all from the income statement. When you understand how to interpret the numbers from the income statement, you will be clear on how your business decisions affect the profitability of your business.

 

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