As a small business owner the thought of financial statements and/or financial reporting may seem challenging for you to understand. Don't allow that fear to keep you from reading this article. As an entrepreneur, understanding your very own financial statements, just as well as your accountant, is what will help define future goals and success. Let's take a look at what financial reporting includes and what it means for your growing business?
Financial reporting includes the following:
A small business uses cash flow statements to report the inflow and outflow of the business. The inflow is the cash or revenues that come into the business through the sale of commodities; the outflow is the cash used in the daily operations of the business. This inward and outward flow of cash is important to keep a business in operation. Without sufficient inflow, then the business will lack cash to pay for expenses and to purchase inventory or stock.
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Better understated than overstated. Let people be surprised that it was more than you promised and easier than you said. – Jim Rohn
Hello, I'm Terra the Founder and Marketing Director of Fontenot & Associates Solutions. Thank you for joining my Accounting world. Our blog's purpose is to teach with the determination of closing industry and accounting process gaps that knowingly exist with our uniquely designed detailed procedures and trainings.
My mission is to offer the best accounting results for all companies seeking to close their process gaps with actual solutions. With my Bachelors and Masters Degree in Accounting, I strive for continuous development and professional growth in this profession. My professional career has been in the Oil & Gas industry for nearly the past 10 years but my business focus is to support and train accounting professionals in all industries.