Financial statements are an essential part of a business’s growth because through these statements, business owners can know the financial status of their business. Financial statements are the history of a business’s financial situation. These statements play an important role in bookkeeping and accounting services . Bookkeepers prepare different types of financial statements through which it can be seen how a business is performing in different areas, such as cash flow, profitability, liabilities, and assets. Types of Financial Statements and their Purpose Commonly, there are three types of financial statements that a bookkeeper prepares, such as: · Profit and loss statement · Balance sheet · Cash flow statement These financial statements are important because they help you: · Reach your regulatory requirements · Understand and handle the success of your business · Plan for future growth Bookkeepers who offer book
Bookkeeper Melbourne provides all bookkeeping services in Melbourne. Here are blogs on bookkeeping services benefits and other main terms used in services regarding bookkeeper and bookkeeping.