Data is only powerful with context, it needs to be accurate and organised and you need to be clear on the necessities vs the niceties.

Your Balance Sheet tells you whether the value of your business is going up or down, if the business is properly funded, and whether the working capital is at a healthy level. Profitable businesses can, and do, go broke if they have a weak Balance Sheet.

Understanding your numbers is critical if you want to control your business (instead of your business controlling you). Your Profit and Loss Report measures the overall efficiency of your entire business - enabling you to review your costs to improve your business’s profit and, ultimately, its value.

Your Trading Account is crucial in assessing how profitable your products and services are. 'If you don't know your numbers - you don't know your business.' - Marcus Lemonis.