Basic Small Business Financial Statements
Basic Small Business and/or Personal Financial Statements:
Small Business Balance sheet
Financial report that shows the status of a company's assets, liabilities and owners' equity; this gives a complete picture of the worth of a company.
Income Statement also called Profit-and-Loss Statement. Summary of a company's revenues, costs and expenses during one accounting period. This shows how profitable a company is. If a company is new, these can be projected income statements.
Cash flow projections
Estimates of the schedule on which cash will actually move into and out of your company. Cash flow can be very different than income statements, especially for companies that operate on an accrual basis accounting.
Supporting Financial Information
Certain financial activities will require greater information.
This information may include:
Audited financial statements
Financial documents like those listed above, but prepared by an accounting firm that audits the documents to make certain they are correct.
Last two-three years' business tax returns.
Last two-three years' partners' and owners' personal tax returns.
List of current accounts
Current business plan
Appraisals of assets that secure loans.
List of other personal assets and liabilities of the partners/owners.
Small Business Financial Statements
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