Business financial statements consist of three main components:

(a) the income statement,

(b) statement of cash flows

(c) balance sheet.

The balance sheet is often the most misunderstood of these components — but also most useful if you understand how to use it for your businesses.

The balance sheet provides a snapshot of the overall financial condition of your company right now. It lists all of the company’s assets, liabilities and owner’s equity in one simple document. By subtracting liabilities from assets, you can determine your company’s net worth at any given point in time.

 

Read more: Intepreting Balance Sheets Usefully for Your Business

Let’s be honest, complex accounting reports can be difficult to digest, and maintained. While many business owners are capable of interpreting reports, most entrepreneurs did not get into business to become accountants. At Fingerteeps, we have invested in software and technologies that make our complex reporting systems more user friendly in order to make our services even more valuable to our clients. Our team works to reduce the complexity of our financial reporting services without reducing the value of the content.

We want to be in your company’s back corner to empower you to make the best decisions for your business and key information easily available at your fingertips. To learn more about the products we use or more about reducing the complexity of your reporting systems, please contact us now!