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Consider Financial Statement Preparation for Growth .pdf


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It is beneficial beyond your thoughts
Whenever we talk about the financial statement preparation, our mind starts thinking about the tax. It is filing
of tax returns. However, this perception is not correct. A financial statement is beneficial beyond the common
understanding that we have about a matter of fact that most people think it is a kind of statement that has nothing to
do with anything else than it. However, it is not true, as it is one of the most useful analytical instruments. In fact, a
properly managed and supervised financial statement preparation process can end up in very useful documents to
pilot your business activities.

Types of Financial Statements
There are four types of financial statements, which are prepared in a same manner across the world. It means that the
structure and basis of financial statements remain same wherever you go. Here it is also important to mention that it
is something general and does not change from business to business. In case if you are running a manufacturing
business or a nonprofit organization you can have similar kind of financial statements that are used by a business
operating to provide certain services.

There are total four kinds of such statements that we see today. Each one of them is different from the three others as
it supplies focused insights on a particular aspect. Here are the names of these statements along with a brief
introduction,
 Balance sheet
The statement covering information related to the assets, liabilities and capital of a company at a preselected point in
time
 Income Statement
This kind of statement deals with the revenue or income only that a company or organization managed to earn
within a selected period
 Statement of retained earnings
This statement gives details about the retained or possessed earnings from net profit, loss or dividends (if paid)


Statement of cash flows
The statement that provides detailed information about inflow or outflow of cash caused by different
activities like for operations, investments or elevating capita

Advantages of Financial Statements
As we have mentioned above, there are several benefits of financial statements. Let us briefly discuss a few of their
advantages here,

Make Timely Decisions
Financial statements are great analytical instruments as well. With the help of an updated statement, you can make
perfect decisions for your business. When it comes to the forecasting and planning, one or all of the primary
statements can provide you with a reliable platform to see the actual picture.

It is an Obligation
Every kind of business operates under the laws. Financial statement preparation becomes a compulsion in several
scenarios. In case if your business model includes shareholders and their money then it is necessary for you to do.
Similarly, it is also required in the process of tax returns filing.

Inhibit Fraud
Who don’t know about the possibility of frauds and malpractices in financial matters? The financial statements tend
to show you the details of everything happening out there. Therefore, by using these statements you can inhibit the
possibility of frauds within your organization

Professional Support
The process of financial statement preparation involves higher-level expertise. Several businesses cannot afford
qualified and certified accountants. If you are running a small business and do not have appropriate human resources
available, then do not worry. You can easily mitigate this issue by acquiring a professional`support. Luckily, there
are several excellent firms and individuals operating in the market to extend this kind of support to their customers.
In fact going to a professional is a better option as it will keep your financial statement preparation error free.
Remember that a poorly built statement can bring devastating impact on your business.

Don’t Forget

Before finally hiring a professional, do not forget to check his background. In case if, you have decided to go with
the option of hiring a specialized firm than do not forget to check their BBB rating. In addition to this, you should
also confirm their previous experienced in financial statement preparation.

Address: 400 Central Ave, Suite 340B, Northfield, IL 60093, USA
Official Mail: contact@glgaccounting.com
Official Phone number: (312) 754-9377

Source: https://www.glgaccounting.com/financial-statements/


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