Simple Accounting Worksheet For Midwives Page 2
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21Instructions: Simple Accounting Worksheet
•
Financial Records: Any written way of keeping track of money flowing
into and out of your business, whether in the form of cash or credit.
•
Financial Record-keeping: The process of keeping track of the
transactions of your business in monetary terms.
•
Financial Statements: documents providing information on how the
business is going financially.
Financial statements organize the
information generated by a business into structured formats so as to help
you make important planning decisions.
•
Income Statement: is a historical statement covering a specific period of
time and tells you whether a business made a profit or incurred a loss
during this time.
•
Indirect Expenses: Those that do not vary closely with the level of sales,
roughly the same as “fixed costs.”
•
Liabilities: What the business owes, the debts that the enterprise has and
which have not been paid by the date the balance sheet is prepared.
•
Net Income: The amount of money that is left after you have subtracted
all expenses from revenues, also known as profit.
•
Revenue: Money received (or to be received) by a business for goods
and services rendered over a given period of time.
Why is financial management important for a midwife?
• Planning future steps in business
• Making better business decisions
• Understanding what really is happening in the business
• Being able to provide better information when necessary
Who are the users of the financial information?
First and foremost you, who own and run your business, can use financial
information to manage the midwife business. Also, you have to have well-
organized financial information for external users, for example, tax authorities
and lenders.
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