What are the 3 Financial Statements You Should Know?

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Knowing the financial performance of your business is essential for tracking growth, and the overall future of your business. Financial statements are written records of all business activities that determines your position.

The 3 most important financial statements all business owners should know are…

  1. Balance Sheets
  2. Profit & Loss Statement
  3. Cash Flow Statement

To determine your business worth, you’ll need your balance sheet. A balance sheet shows what your business owns vs. owes.

To determine if your business is profitable, you’ll have to check your profit and loss statement. The P&L displays your business ability to generate sales, manage expenses and create profits.

To determine where your business’ cash is going, you’ll have to have the cash flow statement. All of the cash entering and leaving your business can be shown on a well-kept cash flow statement.

Although there are free versions of basic templates you can utilize online for these statements, you should consider ATG. We have an experienced team of accountants and bookkeepers who can provide deeper understanding and advice to keep your business in first place!

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