Why Should You Forecast the Balance Sheet?

Dear CFO,

Whenever our business does forecasts, the owners only care about the P&L (Income Statement). As the Controller, I want the business forecast and budgets to include a balance sheet. How can I convince them it’s equally important to forecast the balance sheet?  I also need to develop a model to forecast the balance sheet, once I convince them.
Expanding my forecasts, Baltimore

It seems like most entrepreneurs only focus on the income statement. In my experience that sets up the scenario of unexpected cash flow problems for the business.

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Setting Up a Coherent Chart of Accounts

Putting together a chart of accounts is the necessary first step for any organization to create an efficient accounting system. Charts of accounts are useful for keeping data organized and tracking expenses for the company. However, not all businesses understand what a well-designed chart of accounts looks like. Here are useful tips for setting up a coherent chart of accounts. 

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