Financial statements are essential documents that convey a company's financial activities clearly and accurately. These reports are routinely examined by government agencies and professional accountants to ensure they meet tax regulations, financing criteria, and investment guidelines. Precise financial statements are crucial for maintaining regulatory compliance and making informed business decisions.
Financial statements provide a real-time overview of a company's overall financial condition and profitability. Statements required by Generally Accepted Accounting Principles (GAAP) include the balance sheet, the income statement, and the statement of cash flows.
• The Balance Sheet: offers a snapshot of assets, liabilities, and shareholders' equity at a specific point in time.
• The Income Statement: details a company's revenues and expenses over a particular period, resulting in the net income after subtracting expenses from revenues.
• The Cash Flow Statement (CFS): tracks how a company uses its cash to pay debts and fund operations or investments.
Investors and creditors rely on these financial statements to assess a company's financial health and earnings potential. Additional reports are available to the owner upon request.
To determine the services to include in your agreement, visit the 'Clients Form' tab above. Download and complete the new client form, then send it to eebbookkeeping@gmail.com. We will make every attempt to respond to your inquiries within 24 hours or less.
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Everett
