Financial Statements
Financial Statements and Reports
Financial management, budgeting, forecasting and reporting presents a formidable challenge to most small business owners. Financial management is often seen as burdensome and time consuming but never the less cannot be neglected. Businesses that are able to grasp the importance of accurate financial management are rewarded with more accurate budgeting, forecasting and timely decision-making. A disciplined financial management culture will deliver a true competitive advantage. (Adaptive Planning, 2005) Understanding the many types of financial statements and reports is the first step in achieving sound financial management.
Financial statements and managerial reports come in many different forms but can be categorized into one of three required financial statements. The types include the income statement, balance sheet and the statement of cash flows. “The income statement is the major device for measuring the profitability of......
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