You will have a better understanding of your company's performance and financial health if you can read and produce these basic papers.
Using an income statement, you may determine your company's profitability and how much money you've made or lost.
A balance sheet represents the financial state of company at a specific point in time. Company's retained profits, or the amount of profit that you have invested back into business.
A profit and loss (P&L) statement is a summary of the revenues and costs incurred by your company during a specific time period (like quarterly, monthly, or yearly).
In order to explain how and where you are collecting and spending money, a cash flow statement evaluates your company's operational, financing, and investment operations.
A stock statement is a business statement that provides information on the value and quantity of stock related transactions
Mandatory submission of financial and non-financial information to a government body is known as statutory reporting.
A business owner can see party wise receivables. He can see ageing analysis which can be applied based on due dates or as per the bill dates.
A bank reconciliation helps maintain consistency in your business records by comparing your income and expenditures with your total bank statements.