A financial statement (or financial report) is a formal record of the financial activities of a business, person, or other entity.
For a business enterprise, all the relevant financial information, presented in a structured manner and in a form easy to understand, are called the financial statements. They generally consist of four basic financial statements, and often accompanied by a management discussion and analysis.
- Balance Sheet – statement of the financial position at a given point in time
- Income Statement – revenue less expenses for a given period ending on a specific date
- Statement of Owners Equity – or Statement of Retained Earnings (often included inside the Balance Sheet)
- Statement of Cash Flows – summary of the source and use of cash or cash equivalents (helps indicate whether there is enough available cash to carry on daily operations)
Financial Statement preparation for small business clients is a long-standing service of this firm. Depending on the client's needs, monthly, quarterly and year-end balance sheet and detailed operating statements can be prepared and analyzed on a timely basis. The state-of-the-art accounting software used in our office can provide helpful comparisons and calculations for effective, practical business analysis.
We can assist you in the preparation of your financial statements in accordance with professional standards, but express no opinion or any other form of assurance on the underlying information included in them. The financial statements produced can be a useful tool for management for making financial decisions.