A small business owner should not only be able to read a balance sheet and profit / loss, but should be able to do some basic analysis of the data using these
Basic accounting statements for a retirement business
There are two main reports that you need – a Balance Sheet and an Income Statement in order to use these Retirement Business Financial Calculators – free.
This is a summary of the financial state of your business. Your business owns things like money and inventory which are called assets. However, your business might also have liabilities meaning that it owes money to others like a bank or suppliers. The difference in what you business has (ASSETS) less what it owes (LIABILITIES) is your EQUITY.
The other most important financial document is an income statement which is sometimes called the profit and loss statement. This document shows a summary of all the revenue that the company has minus the expenses to obtain the profit (or loss) of your company.
Your accountant or a good software program like QUICKBOOKS can supply you with all the numbers that you need for these