Understanding financial statements

Abstract

Financial statements are used to show the financial perfor­mance and status of businesses of all types. These statements can be used to analyze, manage and improve the performance of a business. It is important for a veterinary business owner or manager to understand what each of the business statements measures within their business. Further, it is important to learn how to use the information presented in the statements to help them manage both the daily business and assist in long term planning for the business. This presentation explains the financial statements and how to use them to make better busi­ness decisions in a veterinary practice and other businesses or organizations a veterinarian may be associated with.