Depending on your needs, our firm will set up a schedule with you to receive your documents, compile and enter the information and produce informal financial reports either monthly, quarterly or annually.
Four Main Types of Financial Reports:
Statement of cash flows
Statement of changes in equity
What is an Income Statement?
The income statement primarily focuses on the company’s revenues and expenses during a particular period and is also known as the profit and loss statement or the statement of revenue and expense.
What is the Purpose of an Income Statement?
It gives us an idea of how healthy the business is and whether it will be able to continue its operations in future months as well. The income statement, along with balance sheet and cash flow statements, helps give us insight into our business' health.
An income statement provides valuable insights into a company’s operations, the efficiency of its management, under-performing sectors and its performance relative to industry peers.
What Is a Balance Sheet?
A company's assets, liabilities, and shareholder equity at a specific point in time are documented on a balance sheet.
What is the Purpose of a Balance Sheet
A balance sheet provides a snapshot of a company’s assets and liabilities, as well as the amount invested by shareholders. Balance sheets can be used in conjunction with other financial statements to conduct fundamental analysis or calculate financial ratios.
What Is a Cash Flow Statement?
The cash flow statement includes cash made by the business in these 3 areas: operations, investment, and financing—the sum of which is called net cash flow.
The net cash flow of an organization represents the sum over a period of time of the total cash received (inflow) from sales and loans less the total amount of money spent (outflow) by the company over the same period. It is an important measure of a company's ability to survive and grow.
What is a Statement of Changes in Equity?
The statement of changes in equity is a financial report which summarizes the transactions related to shareholder's equity over an accounting period. It includes such things as opening balances, closing balances and highlighted changes during that time.
Let our experts look after your financial statement needs. Call us today at (289) 240-3250
At Dana Snedden CPA Professional Corporation, our Accountants offer Small Business Accounting Services, Personal and Corporate Tax Services, Bookkeeping, Payroll, and other Accounting Services to clients in Oshawa, Whitby, Clarington, Courtice, Ajax, Pickering, Bowmanville, Newcastle and most of Southern Ontario.