What financial reports I need for the development of small business?

[James Lavud]

What financial reports I need for the development of small business?

[Samanta]

You should prepare and understand three basic financial statements:

1. The balance sheet, which is a record of assets, liabilities, and capital at a specific point in time;
2. The income (profit and loss) statement, which is a summary of your earnings, expenses and net profit (or loss) over a given period of time; and
3. The cash flow projection, which shows the actual inflows and actual outflows of cash into and out of your business.