A bookkeeper creates numerous financial reports every month to monitor your company’s success. Here are a few of these financial reports:
Balance Sheet: a report that shows the current financial situation of your company or business.
Gain and Loss Statement: A statement that tracks all expenditures and earnings and indicates whether your company is profitable or losing money.
Cash Flow Reports: This report is a showcase of how much money a company has in its hands.
Accounts Receivable: This describes the debtors or the amount of money you need to recover from a customer, as well as when these recoveries are possible.
Payable Statement: A report shows the creditors, or how much money your company will pay to suppliers.
All the mentioned reports concern whether your company is successful or has enough cash on hand to bear all day-to-day expenses. If the reports have some faults and are not precise according to need, it can have an impact on your business spending, client payment terms, and predictions.