Assets: cash in the bank, equipment, vehicles, accounts receivable (money clients owe you). Liabilities: loans, credit card balances, accounts payable (money you owe vendors). Equity: Assets - Liabilities = what you actually own. If you have $50K in assets and $20K in debt, your equity is $30K.
Most solopreneurs skip balance sheets because they seem complicated. But a balance sheet answers 'can I afford that new truck?' and 'am I building wealth or just staying busy?' It's also required for any business loan application. Banks care more about your balance sheet than your revenue.
Same as P&L — manually is painful, software makes it automatic. If your invoicing, expenses, and banking are all in one system, the balance sheet generates itself.
Helix Vault generates a real-time balance sheet from your connected invoices, expenses, and banking. No spreadsheets. No accountant for the basics. $279 once.
Get Helix — $279