Having a clear understanding of your business’ financial position helps you make better informed decisions to help your company grow. Our small business CPA has worked with over 250 businesses in Chapel Hill and surrounding areas with monthly financial statement preparation and other accounting services.
We use your financial records and information to compile two types of statements that show different aspects of the financial health of your company that allow you to judge your business performance at any given time.
Your income statement calculates your sales revenue and income, expenses, and general ledger records to determine how much profit or loss your business experienced during a set period. The income statement can highlight areas that are performing well as well as opportunities for improvement.
The balance sheet shows the net worth of your company. By totaling your assets, then subtracting your liabilities from that amount, you’ll determine your business’s net worth.
When you prepare and keep accurate financial statements, you are setting up yourself up for higher chances of success. Your financial statements allow you to see exactly how much money is coming in and out of your business at any given point. Having an in-depth understanding of your financials allows you to:
*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.