A balance sheet is a snapshot of your business’s financial position at a specific point in time. It’s one of the three essential financial statements (alongside your income statement and cash flow statement) that shows what you own (assets), what you owe (liabilities), and your stake in the business (equity).
Whether you're applying for a loan, planning a big decision, or reviewing performance, your balance sheet answers the question: "What is my business worth right now?"
Successful businesses check their balance sheet regularly to manage risk, monitor performance, and make smarter financial decisions.