1. Income statement: shows your business’s revenue, expenses, and profit or loss over a period.
2. Balance sheet: shows what your business owns, owes, and what belongs to the owners at a particular point in time.
3. Cash flow statement: Tracks the movement of cash into and out of the business.
4. Budget and actual report: Compares what you planned to spend or earn with what actually happened.
WHY SHOULD YOU CARE?
1. They help monitor business profitability.
2. They help control unnecessary expenses.
3. Track cash flow.
4. Measure business performance and progress.
5. Make better investment decisions.
Financial reports are more than accounting documents. They are an effective business and financial decision-making tools.
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