Financial Statements Reports
Financial statements serve as written documentation that effectively communicates the financial activities of a company. These statements are frequently subjected to meticulous scrutiny by government agencies and professional accountants to guarantee their precision and compliance with tax regulations, financing requirements, and investment purposes.
For profit-oriented enterprises, the primary financial statements encompass the balance sheet, income statement, statement of cash flow, and statement of changes in equity. Conversely, nonprofit organizations employ a comparable yet distinct set of financial statements.
Should you require assistance in maintaining accurate financial records, we offer top-notch bookkeeping services which includes that you have access to the following financial records-in real time.
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Financial statements provide the company's overall financial condition and profitability, in real time.
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Statements required by Generally Accepted Accounting Principles (GAAP) include the balance sheet, the income statement, and the statement of cash flows, but there are other reports available to the owner, upon request.
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The balance sheet provides an overview of assets, liabilities, and shareholders' equity as a snapshot in time.
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The income statement primarily focuses on a company's revenues and expenses during a particular period. Once expenses are subtracted from revenues, the statement produces the company’s net income.
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The Cash Flow Statement (CFS) tracks how a company uses its cash to pay its debt obligations and fund its operating expenses and/or investments.