Balance Sheet

Operational controls are the guardrails of your small business—keeping your operations smooth, your records accurate, and your risks low. Learn how preventative, detective, and corrective controls protect your finances, ensure compliance with Canadian regulations, and help your business grow securely.

Cash and inventory are two of the most vulnerable assets in any business. Strong internal controls help prevent theft, fraud, and mismanagement while ensuring financial accuracy and compliance. This blog explores preventative, detective, and corrective measures Canadian businesses can use to protect cash and inventory—and why these safeguards are vital for long-term success.

Understanding cash flow is vital for any business. In this guide, KLV Accounting shows you step-by-step how to prepare a Cash Flow Statement using your Income Statement and Balance Sheet. Learn how to connect these core financial reports, see where your money really goes, and make smarter business decisions—no accounting background required.

Learn how Present Value (PV) and Net Present Value (NPV) can guide better financial decisions for your business. This blog breaks down the formulas, examples, and real applications in Balance Sheets and Income Statements—helping you evaluate investments, leases, and projects with confidence.

Unlock hidden value in your business with a deeper look at lesser-known assets like deposits, prepaids, investments, capital leases, and leasehold improvements. Understanding how these items are classified on your Balance Sheet can boost transparency, strengthen financial planning, and improve borrowing power. KLV Accounting in Calgary helps you navigate asset classification and maximize your business’s financial strategy.

Not all liabilities are obvious. From deferred revenues to bad debt, learn how lesser-known liabilities impact your balance sheet and business strategy.

The Cash Flow Statement reveals how money moves in and out of your business. Learn what it is, why it matters, and how to use it to make smart financial decisions.

How do the Income Statement and Balance Sheet work together to reflect your business's financial health? This post explains their relationship, major differences, and how understanding both can help you make smarter decisions for long-term success.

Understanding revenue is the first step to mastering the income statement. In this post, we explore what revenue is, the difference between operating income and other income streams, and how these insights can help you make informed financial decisions for your business.

Employment expense deductions can greatly reduce your tax burden if you meet CRA requirements. This blog explains which work-related expenses Canadian employees can claim, eligibility rules, key tips for maximizing deductions, and how to avoid common mistakes when filing your taxes.

In this final installment of our Balance Sheet series, we tie everything together with a comprehensive overview of how Balance Sheets are structured, what they reveal about a business, and the key ratios used to analyze financial health. Learn how to read and interpret this essential financial statement.

Equity is more than just a line on your balance sheet—it tells the story of your financial investment and progress. In this blog, we break down equity across sole proprietorships, partnerships, and corporations, explaining key accounts like retained earnings, owner's capital, and share structures in simple terms.

In this part of our Financial Statement Series, we dive into long-term liabilities on the balance sheet. Learn about notes payable, long-term loans, amortization schedules, and capital leases — essential knowledge for understanding your business’s financial health.

Learn why long-term assets are vital, what depreciation is and how to calculated it, and how a PPE schedule supports your business.

Understanding current liabilities & key ratios can help you manage cash flow. Read more to learn about current liabilities and ratios.

Master your Balance Sheet! Learn how assets, liabilities, and key financial ratios impact your business success. #AccountingTips

New series: Explore balance sheets, income statements, and cash flow. Learn how they work together with strong internal controls.