Accounting Basics / Financial Statements

Small business accounting is the process of tracking, recording, and analyzing your company's financial transactions. Accounting is important for small businesses because it helps provide insight into a company's finances and forecasting with accurate data. You can use this information to make decisions about pricing, inventory, expenses, investments, and growth for your business. You’ll need an accounting process to comply with your statutory business accounting requirements.

Financial reports or statements are essential tools that help you to make informed decisions in your company. You’ll produce three primary financial reports: the balance sheet, income statement, and cash flow statement. They all track financial metrics over a given period.

  • The balance sheet is an overview of your company's shareholder equity, assets, and liabilities.

  • The income statement shows your company's revenues, expenses, and net income.

  • The cash flow statement tracks your company's inflows and outflows of cash.

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