If you don’t have regular and accurate financial statements, you are driving your business 100 miles an hour down a one-way street the wrong way, at night, in the fog, without lights. The keyword is a crucial instrument which gives information about the financial position of the company. They tell you where your money is going, what is your profit and loss, and tell you all expenses. It is very helpful in business and stock marketing. There are 4 main types: the statement of profit or loss which shows the performance of an entity regarding profit or loss, the statement of financial position which shows the balances of the entity’s assets, liabilities and equity, the statement of changes in equity and the statement of cash flows. A business owner is similar to a captain of a ship, without his map can lose direction during a voyage. By keeping financials in order, it’s easier to navigate during growth.

Sreekala P

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