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Preparation of Financial Reports

DS Bookkeeping & Business Development will prepare financial reports and met the required deadlines to allow business owners to monitor their entity’s financial performance.

Financial reports are a formal record of the financial activities of a business and display key information about the financial state of the business. An entity’s financial statements generally consist of a Profit & Loss Statement, Balance Sheet and Cash Flow Statement.

What is a Profit & Loss Statement?

The Profit & Loss Statement shows the profit and loss for a specified period. It includes the income and expenses of the business and the difference is referred to as the net profit/loss.

What is a Balance Sheet?

The Balance Sheet shows the assets and liabilities of the business and the difference between the two is referred to as the equity. It summarises the financial position of your business by providing a snapshot of how much you own (assets) and how much you owe (liabilities).

What is a Cash Flow Statement?

A cash flow forecast is an estimate of money you expect to flow in and out of your business and includes all projected income and expenses.