Financial Statement Preparation
in Garner

There are four primary financial statements utilized by our small business accounting firm: the balance sheet, the income statement, the cash flow statement, and the statement of shareholder equity.

• The balance sheet provides a preview of a company’s assets, liabilities, and shareholder equity at a particular point in time.
• The income statement showcases a company’s revenue and expenses over a period of time, typically one year.
• The cash flow statement tracks the inflows and outflows of cash within a company over a certain time period.
• The statement of shareholder equity shows how much total equity is held by shareholders at a given point in time.

Yes, small businesses in Garner, NC should prepare financial statements. There are many reasons for this. First, financial statements provide specific valuable information about a company’s current and past financial health which is important for potential investors, creditors, and other stakeholders. Second, financial statements are used to comply with important tax and regulatory requirements. Finally, financial statements can aid an owner make informed decisions about where to allocate resources.

There are two primary financial statements that small businesses should focus on to prepare for small business accounting purposes: the balance sheet and the income statement.

A balance sheet is not required to successfully operate a small business. However, a balance sheet is an important financial statements that businesses use to provide insights into their overall financial health. The balance sheet showcases a company’s assets, liabilities and equity at a specific point in time. For businesses of any size, having a balance sheet can give a look into whether the business is currently operating at a profit or loss, and whether it has the financial resources to expand or pay down debt.

The most important uses of financial statements are to help a company make decisions about where to allocate resources. They also help to provide information to potential investors so they can make informed decisions about whether or not to invest in the company. Financial statements also play a role in assessing a company’s creditworthiness.