Financial statements offer key insight into the financial health of your business and are often necessary to growing your business, getting approval for credit, and preparing your quarterly and annual taxes. At C.E. Thorn, CPA, PLLC., we understand that financial statements can be complex and time-consuming, which is why we provide comprehensive financial statement preparation to our monthly bookkeeping clients in Apex so you can focus on operations and growth.
Monthly statements provide visual proof of how your business is growing, trends, and cash flow. We turn your bookkeeping information into working statements that show your business’s financial health in different stages so you can see where you are now and plan for the future.
An income statement is also called a profit and loss statement (or “P & L”), and it’s a comprehensive detailing of your income and your expenses in order to determine your profit or loss over a specific time period. The income statement can be used to determine your taxable income as well as provide insight into areas of your business where you’re underperforming.
The balance sheet, or “statement of financial position,” provides a financial snapshot of your business and shows how much your business is worth at any set point in time. Your assets, including liquid assets in your bank account, accounts receivable, property, and inventory, are added together. Also, your liabilities, rent, debt, accounts payable, and other money leaving your business are added. The liabilities are subtracted from your assets to determine your business’s net worth or equity.
This is simply a compilation and comparison of how cash moves into and out of your business and is an excellent way to determine how ready your business is to weather downturns or scale up.
Our CPA firm is here to provide ongoing bookkeeping and financial statement preparation services so you can focus on your business and still have the statements you need to better understand your financial health.
Call (919) 420-0092 today or complete our online contact form to speak with an Apex Certified Public Accountant.
*Information presented on this website should not be construed as formal accounting or tax advice or the formation of an Accountant/CPA-client relationship. Additionally, any email sent to C.E. Thorn, CPA, PLLC at the email addresses set forth in this website will not create an Accountant/CPA-client relationship.