Financial Statements allow accountants to see the general "health" of the company - where the money is going and what's coming in. Investors are also strongly interested in Financial Statements as it indicates the standing of their investments. ProBusiness Accounting uses advanced software including Quickbooksto generate accurate reports with detailed analysis about the financial health of your company.
For your business the 4 big Financial Statements that the GAAP requires are:
- Balance Sheet - statement of financial position at a given time.
- Income Statement -revenues minus expenses for a given period of time ending in a specific date
- Statement of Owner's Equity - also known as Statement of Retained Earnings
- Statement of Cash Flows - summarizies sources and uses of cash: indicates whether enough cash is available to carry on operations.