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A balance sheet is a useful tool that gives a snapshot of the financial condition of your business at any given point in time. A balance sheet includes assets, liabilities, and owner’s equity. An asset is anything the business owns that has monetary value. Liabilities are debts the business owes to creditors. To keep track of the value of your business, you should routinely complete a balance sheet to help you understand where your money goes and what you have invested in your business’s assets. Again, a good accounting software package will help you print out regular balance sheets. In a small home-based business, some of the categories shown in this example may not apply; you can adapt your balance sheet to suit your own business.