Reports can make your life easier.
There are many standard reporting options already available to you within QuickBooks, such as Profit & Loss, Statement of Cash Flows, Balance Sheet, General Ledger, etc., that you can easily generate. You can also create customized reports, and memorize them so they are easier to recall without repeating the customization steps. To save you time and effort in creating the special reports you need, we can assist you with your report writing and customization, and ensure that the reports you are generating are providing the relevant data you require.
Common financial reports that we prepare for clients:
- Profit & Loss
Also known as the Income Statement, the Statement of Profit and Loss summarizes your revenues and costs so you can determine whether or not you are profitable. When analyzed over quarter or year, this statement can be used to determine whether or not a company has the ability to generate profit by increasing revenue and reducing costs.
Within QuickBooks, this report shows subtotals for each income and expense account in your chart of accounts. The last line on the report shows your net income or loss.
- Balance Sheet
The Balance Sheet is a statement that summarizes a company’s assets, liabilities and equity at a specific point in time. Using the formula Assets = Liabilities + Equity, a business owner or investor can easily determine what a company owns or owes. The term “Balance Sheet” is derived from the notion that a company has to pay for the things that it has. With no standard templates readily available to help prepare a Balance Sheet, the difficulty of preparation will differ with each company and industry.
- Cash Flow
Also known as Statement of Changes in Financial Position or Sources and Uses, the Statement of Cash Flows shows how and why your cash position has changed over a period of time. This Statement provides aggregate data regarding all cash received by a company from ongoing operations, external investment sources, and includes all cash going out during a business period.