We are experts in preparing Euless financial statements for businesses in this area. We are accounting experts McIlvain Associates, a CPA firm that has many years of experience helping businesses with important aspects of their accounting and tax preparation. Financial statements are important for a business to have in understanding and managing the financial aspects of their work.
Financial statements should be tailored to your business, and they must be structured to give you the data you need to determine whether you are making the right financial decisions. One important financial statement is the Income and Expense Statement, which reports the expenses and income by categories. Hopefully, the income is more than the expenses and the difference is the gross income or operating income.
If there is a net loss, the expense statement will reveal if the cause is excessive expenses in one or more areas. This information will help you target the expenses that need attention. Similarly, if the income statement reveals that the income is insufficient to support the operations at a profit, this information will tell you to take action to increase the income or look for expenses that can be cut.
The statement of cash flow is essential for any business to have because it predicts the amount of cash your business will have to use for operations. The cash is projected with the expenses for a period of time. The information revealed will tell you whether there will be enough cash or you need a short term loan, or you need to reduce expenses and inventory.
The balance sheet is another of the three important financial statements. This is a statement that summarizes the business’ assets, liabilities and the owners’ equity. This statement is an overview of the financial health of the business.We can help you with the preparation of these statements, and we help you prepare them ongoing, or we can prepare them for you. A good accounting system makes thistask much easier.