What is a Balance Sheet?

By Chris Andreou
|
Last updated
September 16, 2023

Contents

What is a Balance Sheet? guide

A balance sheet is a financial statement that provides a snapshot of the financial condition of a company, showing how much it owns (assets), owes (liabilities) and the amount that is left over for its owners (owners' equity) at a specific point in time. It is typically completed at the end of a month or a financial year.

<p>A <a href="https://www.goforma.com/small-business-accounting/what-is-balance-sheet-profit-loss" target="_blank">balance sheet</a> is a financial statement that provides a snapshot of the financial condition of a company, showing how much it owns (assets), owes (liabilities) and the amount that is left over for its owners (owners' equity) at a specific point in time. It is typically completed at the end of a month or a financial year.</p>

Read more of our Small Business Accounting guides:

Business accountant available for free consultation

Speak to an accountant

Get a free 20 minute consultation about starting your business

Business accounting from £35