Why your business needs proper financial statements

As year end approaches, it becomes important to prepare financial statements for your business (income statement, balance sheet and cash flow).  While you may have maintained records of income and expenses during the year, preparing financial statements involves tasks such as recording accruals, adjusting the prepaid account balance, calculating and booking depreciation. 

Financial statements are important for:

  • gauging performance
  • making informed decisions
  • tax return preparation
  • budgeting

 

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